KLA-Tencor Settles Backdating Suit For $65M

Law360, New York (January 25, 2008, 12:00 AM EST) -- Shareholders of KLA-Tencor have a $65 million payday in their future, now that the semiconductor equipment manufacturer has agreed to settle a shareholder lawsuit alleging that the company's executives backdated stock options.

In a settlement made public on Jan. 24, KLA and lead plaintiffs the Louisiana Municipal Police Employees' Retirement System, the Police and Fire Retirement System for the City of Detroit, and the City of Philadelphia Board of Pensions and Retirement agreed to end the stock options backdating suit in exchange for $65 million....
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