The plaintiffs’ lawyers in a shareholder derivative suit involving allegations of stock-options backdating against Cirrus Logic Inc. have agreed, in a revised deal filed this month, to drop all attorneys’ fees, which the judge in the case had described as “almost entirely unmerited.”
The revised deal, approved on March 25, comes as judges in derivative actions involving the backdating of stock options have questioned the amount of attorneys’ fees in cases involving noncash settlements. Last year, a federal judge in California initially rejected a settlement for similar reasons in a backdating case involving Zoran Corp.
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