Final Approval Sought For $118M Broadcom Deal

Law360, New York (November 3, 2009, 8:04 PM EST) -- The plaintiffs and several defendants in derivative litigation over an alleged $2.2 billion stock options backdating scheme at semiconductor maker Broadcom Corp. have asked a federal judge for final approval of a partial settlement deal under which the company would collect $118 million from insurers.

On Monday, the settling defendants, the plaintiffs, nominal defendant Broadcom and Broadcom's special litigation committee filed a joint motion for final approval of the agreement in the U.S. District Court for the Central District of California.

A hearing on the motion...
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