Ex-CEO Appeals $118M Broadcom Backdating Deal

Law360, New York (January 7, 2010, 2:02 PM EST) -- Former Broadcom Corp. CEO Henry Nicholas has appealed a federal court's approval of a $118 million settlement in a derivative suit accusing company brass of knowingly orchestrating a $2.2 billion stock options backdating scheme.

Nicholas, who was named as a defendant in the suit but was not party to the settlement, lodged the appeal Wednesday in the U.S. District Court for the Central District of California, aiming to take the matter to the U.S. Court of Appeals for the Ninth Circuit.

The settlement in question requires...
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