KLA-Tencor Shareholder Case Settled For $42.6M

Law360, New York (March 16, 2010, 5:30 PM EDT) -- Shareholders and former executives of KLA-Tencor Corp. have reached a settlement totaling approximately $42.6 million that, if approved, would bring a derivative suit over options backdating to a close.

According to a motion for preliminary approval filed Monday in the U.S. District Court for the Northern District of California, the former executives will pay $33.2 million in cash to the company. They will also cancel, forfeit or reprice 550,853 KLA stock options, plus relinquish compensation and other benefits, for a total value of around $9.4 million....
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