Broadcom said Tuesday it will pay more than $160 million in cash to settle a class action investor lawsuit related to stock option backdating, but the California-based chipmaker did not admit wrongdoing. The deal, which still needs a judge's approval, would represent the second-largest up-front cash recovery from a company accused of stock option backdating, according to an attorney for the lead plaintiff, the New Mexico State Investment Council.
December 30, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Broadcom Corp. said Tuesday it will pay more than $160 million in cash to settle a class action investor lawsuit related to stock option backdating, but did not admit wrongdoing.
The Irvine, Calif.-based chipmaker said in a statement that it would take the settlement, which still needs a judge’s approval, as a one-time charge in the fourth quarter.
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