NEW YORK–LAWFUEL- The Law Firm Newswire – Labaton Sucharow LLP announced that it has reached a $117.5 million settlement in principle on behalf of its client the Mercury Pension Fund Group in the securities class action titled In re: Mercury Interactive Corp. Securities Litigation. This settlement is the largest in any stock options backdating case to date. The settlement is subject to final documentation and court approval.
The settlement dwarfs all other options backdating settlements in sheer size. It is more than 6 times larger than the largest prior backdating settlement, which totaled just $18 million.
Prior to today’s news, the largest settlement in a stock options backdating case involved Los Altos, California-based computer chip designer Rambus, which agreed last month to pay $18 million to settle an investor lawsuit.
The lawyer for the Plaintiffs in the Mercury action, Joel H. Bernstein of Labaton, said, “We are satisfied that the parties have come to such a fair settlement and are confident that the award will provide fair recompense to the investors who lost money as a result of Mercury’s improper practices.”
Labaton Sucharow LLP is considered one of the country’s premier national law firms that represent institutional and individual investors in class action, complex securities and corporate governance litigation. The firm has been appointed as lead or co-lead in 29 percent of all options backdating cases. The most prominent examples of these cases include: Broadcom Corp.; The Home Depot, Inc. (derivative); American Tower Corporation; and Monster Worldwide, Inc.
