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$30M From Insurers Settles ACS Derivative Suits

Law360 (May 7, 2009, 12:00 AM EDT) -- A federal judge has preliminarily approved a $30 million payment to Affiliated Computer Services Inc. from its insurers, settling shareholder derivative litigation against the former board of ACS over stock options backdating.

District Judge Reed O'Connor of the U.S. District Court for the Northern District of Texas on Tuesday approved a motion for the preliminary approval of a settlement, which will allow other preliminary settlements in the ACS derivative litigation to proceed.

The settling parties negotiated “valuable consideration” for the settlement, including the payment of the...
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