US - KLA-Tencor Corporation has agreed to pay $65m to settle a shareholder lawsuit involving retirement systems from Louisiana, Philadelphia and Detroit.
Berman DeValerio represented the Louisiana Municipal Police Employees' Retirement System, one of the co-lead plaintiffs in the action which was filed in US District Court for the Northern District of California
Other co-lead plaintiffs in the case were the Police and Fire Retirement System for the City of Detroit and the City of Philadelphia Board of Pensions and Retirement.
Joe Tabacco, partner, Berman DeValerio, said: "This is an excellent result. By opening boardrooms to public scrutiny, lawsuits like this one have combined with government enforcement actions to help end these types of backdating practices."
The settlement provided that investors who purchased KLA-Tencor securities from 30 June 2001 through to and including 29 January 2007, may be eligible to file proofs of claims.
It was alleged the company backdated stock option grants to the individual defendants and other directors and executives to provide the recipients with a more profitable exercise price.
The defendants denied the allegations in the lawsuit and, as part of the proposed terms of settlement, continue to deny all claims and liability.
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