Bell Micro Settles Investor Suit Over $594M Avnet Deal

Law360, New York (March 4, 2011, 4:39 PM EST) -- Bell Microproducts Inc. on Friday laid to rest a California shareholder class action claiming the high-tech products distributor's officers and directors agreed to a $594 million buyout from Avnet Inc. in order to sidestep their liability for a stock options backdating scheme.

Judge Joseph H. Huber signed off on the settlement — which does not involve a monetary payout — at a final fairness hearing on Friday in the California Superior Court, County of Santa Clara, dismissing the claims on the merits with prejudice.

The judge...
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