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: Legal Pad | LASettlement reached in Broadcom second-largest in derivative action
By Richard Binder
Broadcom Corp. has agreed to pay $118 million to settle allegations of stock options backdating, in one of the largest such deals in a derivative action to date.
The proposed settlement, subject to approval by U.S. District Judge
Manuel Real of the Central District of California, would be the
second-largest in a derivative action involving stock options
backdating, according to lead plaintiffs' counsel Richard Heimann, name
partner at San Francisco's Lieff Cabraser Heimann & Bernstein.
The proposed deal, which was filed in court on Aug. 28, involved several current and former officers and directors of Broadcom, including former general counsel David Dull. Oral argument is scheduled for Sept. 1 in Pasadena, Calif. The next day, on Sept. 2, a separate panel plans to hear oral arguments regarding a rejected plea deal between Samueli and federal prosecutors.
Full post as published by Legal Pad | LA on August 31, 2009 (boomark / email).
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