Ex-Comverse Execs Settle Backdating Spat For $62M

Law360, New York (January 4, 2010, 5:38 PM EST) -- Shareholders in two derivative suits over the notorious backdating scandal at communications technology company Comverse Technology Inc. have agreed to settle their cases in exchange for a $62 million payout from former executives.

The settlement agreement, which would end the two suits pending in the U.S. District Court for the Eastern District of New York and the New York County Supreme Court, could be finalized as early as March, though no date has been set, one attorney said.

Kobi Alexander, Comverse's former CEO who has since...
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