Cisco Systems, Inc. (NASDAQ: CSCO), a San Jose-based Internet networking company, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of Cal. The case was originally filed in 2001.
The settlement is for $91.75 million, which will be paid by Cisco's insurers. Unusually, the press release contains a statement from plaintiffs' counsel describing the settlement as "fair" given the "litigation risks," including "a lack of insider trading, and Cisco was not required to make a financial restatement."Posted by Lyle Roberts at August 18, 2006 4:28 PM | TrackBack