Cirrus Backdating Deal OK'd After Atty Fees Dropped

Law360 (March 30, 2009, 12:00 AM EDT) -- Two months after rejecting an initial settlement, the judge overseeing a consolidated shareholder derivative suit that accused executives at semiconductor maker Cirrus Logic Inc. of a stock options backdating scheme has signed off on a new deal that diverts a proposed $2.85 million in attorneys' fees to the company instead.

Judge Sam Sparks of the U.S. District Court for the Western District of Texas gave the revamped settlement and proposed notice preliminary approval March 25, after having found the fees requested in the first deal "almost...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.