E&Y, Blue Coat Execs Settle Backdating Suits For $4M

Law360, New York (August 20, 2010, 2:31 PM EDT) -- Ernst & Young and former Blue Coat Systems Inc. executives have agreed to pony up nearly $4 million to Blue Coat to settle a pair of shareholder derivative suits over alleged stock options backdating.

Blue Coat, which disclosed the settlement agreement in a regulatory filing Thursday with the U.S. Securities and Exchange Commission, reached a memorandum of understanding with Ernst & Young and the executives, whose names and number were not disclosed, to settle federal and state court cases that accused the company and executives of...
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