Marvell Earmarks $16M To Settle Shareholder Suits

Law360, New York (June 9, 2008, 12:00 AM EDT) -- A month after reaching a $10 million settlement with regulators over allegations of stock options backdating, Marvell Technology Group Ltd. has announced a tentative $16 million deal to appease its shareholders.

The Santa Clara, Calif.-based semiconductor company announced the settlement in a filing to the U.S. Securities and Exchange Commission on Friday, saying the agreement, first drafted in March, required final approval by the court.

If approved, the deal will resolve three consolidated shareholder derivative suits filed in June and August 2006 in the U.S. District...
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