Insurance companies for Broadcom have agreed to pay $118 million to settle allegations of stock options backdating, in the second-largest such deal in a derivative action to date, according to plaintiffs counsel. The proposed deal involves several current and former officers and directors of Broadcom, including former general counsel David Dull. The defendants have denied wrongdoing under the proposed settlement, which, if approved, would stay shareholder claims in a related class action against Broadcom.
September 01, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Correction: The story has been updated to clarify that the insurance companies for Broadcom have agreed to pay the settlement, rather than Broadcom itself.
Insurance companies for Broadcom Corp. have agreed to pay $118 million to settle allegations of stock options backdating, in one of the largest such deals in a derivative action to date.
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