New Settlement In Zoran Backdating Case Approved

Law360, New York (June 18, 2008, 12:00 AM EDT) -- After denying the original settlement proposed in the derivative options backdating suit against Zoran Corp., a district judge has approved a revised deal that includes a larger cash recovery for the company.

In an order handed down on June 12, Judge William Alsup of the U.S. District Court for the Northern District of California gave preliminary approval to a settlement that will hand the company $3.4 million to bring an end to a derivative suit filed over options-granting practices.

Under the settlement, shareholders, who sued on...
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