Motorola Staff Not Part Of $190M Fraud Deal: 7th Circ.

Law360, New York (May 4, 2011, 5:47 PM EDT) -- Motorola Inc. 401(k) plan members will not be able to share in $190 million the company paid out to settle a securities fraud class action brought by its stockholders, the Seventh Circuit said Wednesday in affirming a lower court's ruling.

The plan is excluded from the settlement — which Motorola paid to drop claims related to how it handled a deal with Turkish wireless provider Telsim — because they are affiliates of Motorola, a group barred from taking part in the settlement by its class definition,...
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