Take-Two $20M Backdating Settlement Approved

Law360, New York (October 12, 2010, 1:36 PM EDT) -- A judge has given final approval to a $20.1 million settlement in an investor class action accusing Take-Two Interactive Software Inc. — maker of the "Grand Theft Auto" video game series — of improperly backdating stock options.

Judge Richard J. Sullivan said on Tuesday in the U.S. District Court for the Southern District of New York that he was pleased with the deal, as well as the plaintiffs' lawyers' fee cut of only about 11 percent.

The only objections to the settlement came from a short...
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