We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Conexant Workers Win $3.3M In ERISA Suit Settlement

Law360 (September 8, 2009, 7:31 PM EDT) -- Semiconductor maker Conexant Systems Inc. has agreed to pay $3.25 million to settle a class action brought by a former employee who accused the company of mismanaging its 401(k) plan by overloading it with company stock.

The sides on Friday asked Judge Stanley R. Chesler of the U.S. District Court for the District of New Jersey for final approval of the settlement, which took nearly five months to negotiate and included provisions for significant and comprehensive structural relief valued at more than $9 million.

Under the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.