Covad Directors Settle Derivative Suit For $7M

Law360, New York (February 29, 2008, 12:00 AM EST) -- The officers and directors of Covad Communications have agreed to pay $7 million to bring an end to a long-running derivative suit filed against them by the company's former general counsel.

The company disclosed the settlement in an annual report filed with the U.S. Securities and Exchange Commission on Feb. 26. In the filing, Covad said that the settlement would close the book on the derivative suit filed by former General Counsel Dhruv Khanna in 2003.

In the suit, which Khanna filed after he was terminated...
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