As Merger Looms, Maxtor Settles Securities Class Action

Law360, New York (May 4, 2006, 12:00 AM EDT) -- With a proposed merger to Seagate Technology only days away, Maxtor Corp. has settled a stockholder class action lawsuit that accused the hard disk-drive maker and its top executives of breaching fiduciary duty in connection with the deal.

The California-based company announced the deal on Thursday, putting to bed a lawsuit that had been brought by shareholder Theodore F. Vahl in the Superior Court of the State of California.

Under the terms of the settlement, Maxtor will now be required to shell out $467,500 in legal...
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