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Looks like the Irvine-based chipmaker is ready to clear the decks in its legal scuffles over the backdating of stock options. The company has agreed to pay $160.5 million to settle a class-action lawsuit filed on behalf of Broadcom stockholders. (Interesting that the company makes the announcement during the holiday week when many folks are off.) No word on how the settlment will be distributed. Earlier this month a federal judge dismissed criminal fraud charges against co-founder Henry T. Nicholas III and CFO William J. Ruehle. The judge also threw out the guilty plea of Broadcom's other co-founder, Henry Samueli. (LAT, press release)
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.