Motorola To Settle Shareholder Action For $3.15M

Law360, New York (June 17, 2011, 3:57 PM EDT) -- Two pension funds asked an Illinois federal court Friday to approve a $3.15 million settlement that would resolve their putative shareholder class action against Motorola Solutions Inc.

The St. Lucie County Fire District Firefighters' Pension Trust Fund and the Town of North Branford Pension Committee sued Motorola, CEO Gregory Q. Brown, ex-Motorola CEO Edward J. Zander and former Chief Financial Officer Thomas Meredith on behalf of Motorola shareholders who purchased company stock between October 2007 and January 2008.

In February, U.S. District Judge Virginia M. Kendall...
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