Judge OKs Deal Worth $30M In McAfee Backdating Suit

Law360, New York (October 13, 2008, 12:00 AM EDT) -- A judge has given preliminary approval to a settlement worth approximately $30 million, marking a pivotal step toward ending a derivative lawsuit shareholders brought against several officers and directors of McAfee Inc. over their alleged stock option backdating practices.

Judge Jeremy Fogel of the U.S. District Court for the Northern District of California approved the deal Thursday, overruling the objections of non-settling defendants former McAfee CEO George Samenuk, former general counsel Kent Roberts and former president Kevin Weiss.

The settlement, which resolves the federal derivative suit...
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