Emulex Settles Shareholder Suit Over Broadcom Offer

Law360, New York (August 23, 2010, 3:38 PM EDT) -- Emulex Corp. has settled a shareholder class action alleging the technology company's board members took improper measures to entrench themselves in response to a takeover bid attempted by Broadcom Corp.

Costa Mesa, Calif.-based Emulex announced Friday that it had reached a settlement with the plaintiffs, an individual and two employee benefits plans to dismiss all claims in the Delaware Chancery Court and pay $3 million in attorneys' fees.

Co-lead counsel for the plaintiffs have agreed to drop their attorneys' fee request from $6.9 million to $3...
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