Conexant Workers Win $3.3M In ERISA Suit Settlement

Law360, New York (September 8, 2009, 7:31 PM EDT) -- Semiconductor maker Conexant Systems Inc. has agreed to pay $3.25 million to settle a class action brought by a former employee who accused the company of mismanaging its 401(k) plan by overloading it with company stock.

The sides on Friday asked Judge Stanley R. Chesler of the U.S. District Court for the District of New Jersey for final approval of the settlement, which took nearly five months to negotiate and included provisions for significant and comprehensive structural relief valued at more than $9 million.

Under the...
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