Black Box Proposes Settlement In Backdating Suit

Law360, New York (January 26, 2010, 4:24 PM EST) -- Two insurers have agreed to pay Black Box Corp. a combined $2 million to cover a derivative suit over alleged options backdating, but the communications company must still pay $1.6 million to plaintiffs' lawyers, as well as $4 million to resolve claims brought by former CEO Frederick Young, according to a proposed settlement.

The parties in the Black Box derivative litigation in the U.S. District Court for the Western District of Pennsylvania filed a joint motion Friday for preliminary and final approval of the settlement....
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