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Stock Options
Broadcom Corp. (BRCM) has agreed to pay $160.5 million to settle a securities class action against the company and company executives over alleged employee stock option backdating practices (Bakshi v. Samueli, CD. CaL, No. 2:06-cv-05036-R-CW, 12/29/09).
Under the proposed settlement- which is subject to approval by the U.S. District Court for the Central District of California - Broadcom will pay $160.5 million in cash in exchange for the dismissal of the claims with prejudice. As part of the settlement, the company and individual defendants denied any wrongdoing or liability.
"Today's settlement brings Broadcom closer to the day when we can put the stock option cases behind us once and for all," Broadcom Chief Executive Officer Scott McGregor said in a Dec. 29 statement.