SAN FRANCISCO — A couple of weeks after a former CFO of Maxim Integrated Products lost a securities fraud trial , the company on Wednesday announced a $173 million settlement with plaintiffs in a stock option backdating class action.
The cash payment that the Sunnyvale semiconductor company tentatively agreed to pay makes the deal the largest backdating settlement within the Ninth Circuit U.S. Court of Appeals and the third-largest overall, said Blair Nicholas, a partner in the San Diego office of Bernstein Litowitz Berger & Grossmann and co-lead counsel for the plaintiffs.
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