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Broadcom settles with shareholders suit

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CIOL Bureau
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NEW YORK,  USA: U.S. chipmaker Broadcom Corp could receive reimbursements from insurers for up to $118 million in partial settlement of a shareholder lawsuit subjject to court approval, according to a filing on Tuesday.

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The payments are insurers reimbursements by Broadcom's directors and officers' liability insurers.

The United States District Court for the Central District of California issued an order preliminarily approving the settlement.

Broadcom said the order would determine whether the court should issue a final approval of the settlement at a hearing scheduled for Dec 14.

The case In Re Broadcom Corporation Derivative Litigation, Case No. CV-06-3252-R.

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