Broadcom settles backdating suit for $160.5 million

December 29th, 2009, 3:04 pm
by Peggy Lowe

Broadcom Corp. will pay $160.5 million to settle a class-action lawsuit brought by investors who claimed the Irvine chipmaker wrongfully used accounting dates to inflate the value of its stock.

The company issued a statement today, saying it will settle the securities case pending a federal judge’s approval. The announcement brings to a close most of the long list of legal cases dealing with allegations that the company backdated stock options.

“It brings us very close to putting it all behind us,â€