Broadcom To Pay $160.5M To Settle Backdating Suit

Law360, New York (January 4, 2010, 5:55 PM EST) -- Broadcom Corp. has announced that it will pay $160.5 million to settle a shareholder class action that accused the company and several officers and directors of engaging in a scheme to backdate stock options.

The settlement is believed to be the second-largest up-front settlement ever reached in an options backdating case, according to New Mexico Attorney General Gary King, who represented the lead plaintiff, the New Mexico State Investment Council, in the action.

In a statement issued Dec. 29, Broadcom said all claims against its officers...
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