MRV To Pay $3M To Settle Options-Backdating Suit

Law360, New York (March 5, 2013, 8:12 PM EST) -- MRV Communications Inc. has agreed to pay $3 million to settle a shareholder derivative suit accusing corporate officers and directors of backdating options for years and deceiving investors, according to documents filed Friday in federal court in California.

The deal calls for shareholders of the Chatsworth, Calif.-based producer of telecom equipment to receive $2.5 million in cash along with $500,000 in attorneys’ fees, and the settlement enumerates "significant corporate governance enhancements" that have been or are to be made to reform the MRV board, according to...
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