$56M Deal Gets Initial OK In Peregrine Securities Case

Law360, New York (July 14, 2009, 12:00 AM EDT) -- A judge has given preliminary approval to an approximately $56 million class action settlement between shareholders and the former outside directors of software maker Peregrine Systems Inc., in what may be the largest cash recovery ever involving outside directors.

Judge Roger T. Benitez of the U.S. District Court for the Southern District of California on Monday granted the deal preliminary approval and scheduled a settlement fairness hearing for Oct. 16.

Counsel for the plaintiffs intend to apply for fees of 20 percent of the settlement amount...
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