Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, June 2, 2008

Brocade Agrees to $160 Million Settlement of Backdating Charges

Brocade Communications Systems agreed to settle a securities fraud class action involving backdating stock options for $160 million, the largest settlement to date on this issue.  Two of its former executives, including former CEO Gregory Reyes, were previously convicted on related charges.  Last month the judge hearing the case ruled that the corporation would be liable for damages resulting from Reyes' misconduct.

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