Brocade Settles Backdating Class Action For $160M

Law360, New York (June 3, 2008, 12:00 AM EDT) -- Data management company Brocade Communications Systems Inc. has agreed to pay shareholders $160 million in what is to date the largest settlement of a class action stemming from the far-reaching options backdating scandal.

The company announced the in-principle deal with lead plaintiffs in a statement Monday, but the settlement remains subject to final approval by the U.S. District Court for the Northern District of California.

Brocade is one of eight companies in the past year to settle lawsuits brought by shareholders alleging stock options backdating led...
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