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: Legal Pad | LAMarvell backdating case yields no-cash settlement, with attorney fees delayed
By Richard Binder
U.S. District Judge Ronald M. Whyte in San Jose approved a stock options backdating settlement with Marvell Technology Group Ltd. that involves no cash payments to the company.
Whyte approved the substance of the deal on May 8 but delayed approving $16 million in attorney fees to be paid to the two plaintiffs firms, Coughlin Stoia Geller Rudman & Robbins of San Diego and Scott & Scott, which is based in Colchester, Conn. The settlement resolves all derivative claims associated with stock options backdating at Marvell.
This settlement comes as s other federal judges have questioned attorney fees paid to plaintiff's firms as part of noncash settlements in derivative actions involving backdated stock options.
Full post as published by Legal Pad | LA on May 12, 2009 (boomark / email).
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