CORRECTED: Broadcom Execs Reach $79M Derivative Settlement

Law360, New York (March 24, 2011, 1:32 PM EDT) -- Broadcom Corp. announced on Wednesday a $79 million settlement with the remaining defendants in derivative lawsuits in California stemming from the company's $2.2 billion stock options backdating scheme.

According to a memorandum filed in the U.S. District Court for the Central District of California, former Broadcom President, Chairman and CEO Dr. Henry T. Nicholas III agreed to pay Broadcom about $26.6 million.

Broadcom will cancel about $24.3 million worth of stock options to current Chief Technical Officer Dr. Henry Samueli, who also agreed to contribute $2.3...
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