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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...
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