Cadence Settles Securities Class Action For $38M

Law360, New York (June 15, 2011, 9:39 PM EDT) -- A California federal court was asked Wednesday to approve a $38 million settlement by plaintiffs in a putative securities class action accusing Cadence Design Systems Inc. of artificially inflating its value before an October 2008 share price plunge.

In a motion, lead plaintiff Alaska Electrical Pension Fund asked the court to approve the agreement which sets up a $38 million payment to the class and resolves all claims against the computer software and hardware company.

The agreement eliminates the risk of litigating the case, which could...
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