Insurers To Pay Broadcom $118M In Backdating Deal

Law360, New York (September 1, 2009, 6:03 PM EDT) -- Broadcom Corp. is set to recover $118 million from a slew of insurers as part of a proposed partial settlement of a derivative suit over the semiconductor maker's alleged $2.2 billion stock options backdating scheme.

The proposed settlement — filed Friday in the U.S. District Court for the Central District of California — would resolve the consolidated federal derivative suit for almost all of the individual defendants while preserving Broadcom's claims against three former executives facing criminal charges.

The deal — which encompasses 10 of the...
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