Semtech To Pay $20M To Settle Backdating Suit

Law360, New York (December 9, 2010, 3:46 PM EST) -- Semiconductor manufacturer Semtech Corp. has agreed to settle a stock options backdating class action for $20 million.

The agreement in principle calls for a final settlement agreement that would resolve all the claims against the company and officers and directors named in the suit in exchange for the $20 million, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.

The company and the executives won't admit any wrongdoing as part of the agreement, the filing said.

The agreement is still subject to...
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