Maxim To Pay $173M To Settle Backdating Class Action

Law360, New York (May 6, 2010, 12:14 PM EDT) -- Maxim Integrated Products Inc. has entered into an agreement in principle to pay $173 million to settle a putative class action accusing the semiconductor maker of illegal options backdating.

The settlement, which still requires the approval of Judge James Ware of the U.S. District Court for the Northern District of California, will cost the company $110 million after taxes, the Sunnyvale, Calif.-based Maxim said.

The settlement was announced after an April 23 jury verdict in a related case that said former Maxim Chief Financial Officer Carl...
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