SEC Drops Backdating Case Against Broadcom Execs

Law360, New York (February 5, 2010, 5:17 PM EST) -- With its chances of success seeming increasingly slim, the U.S. Securities and Exchange Commission has said it will not pursue a stock options backdating suit against four Broadcom Corp. executives.

In a notice filed Friday in the U.S. District Court for the Central District of California, the SEC said it would drop its claims against Henry T. Nicholas III, Henry Samueli, William J. Ruehle and David Dull, citing comments from the judge questioning the merits of the agency's case.

Judge Cormac J. Carney, who also presided...
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