Cisco Settles Securities Fraud Class Action

Law360, New York (August 18, 2006, 12:00 AM EDT) -- Cisco Systems Inc will shell out $91.75 million to settle a consolidated shareholder class action lawsuit that accused the company and some its directors and officers of securities fraud, the company said Friday.

The settlement, which will be paid by the liability insurer, will have no impact on Cisco's financial position.

"Cisco continues to firmly believe that the suit's claims are without merit, and we have been eager to achieve a victory in this case. Given the expense and disruption associated with prolonged litigation, and the...
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