Broadcom Settles

Broadcom Corp. (Nasdaq: BRCM), a California-based fabless semiconductor company, has announced the preliminary settlement of the securities class action pending against the company in the C.D. of Cal. The case was originally filed in 2001 and alleges that Broadcom improperly accounted for warrants given to customers who bought certain amounts of the company’s products. The settlement is for $150 million. Broadcom “expects that approximately $40 million of that amount will be paid by its insurance carriers.”

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