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| BRCM > SEC Filings for BRCM > Form 8-K on 28-Aug-2009 | All Recent SEC Filings |
28-Aug-2009
Other Events, Financial Statements and Exhibits
Pursuant to a Stipulation and Agreement of Partial Settlement ("Stipulation"), entered into as of August 27, 2009, Broadcom Corporation, by and through its Special Litigation Committee, plaintiffs, and certain of Broadcom's former and current officers and directors have entered into a partial settlement of the consolidated shareholder derivative litigation captioned In Re Broadcom Corporation Derivative Litigation, Case No. CV-06-3252-R (CWx).
The partial settlement is subject to approval by the United States District Court for the Central District of California. As set forth more fully in the Stipulation, if the partial settlement is given final approval by the Court, among other things, (i) Broadcom will receive payments ultimately totaling approximately $118 million from its directors and officers liability insurers, which includes approximately $43.3 million that Broadcom has already recovered in connection with prior reimbursements from its insurers (subject to reservation of rights that will be released upon settlement approval); (ii) Broadcom and certain of its former and current officers and directors will relinquish their rights under certain insurance policies; and (iii) the settling defendants will be dismissed with prejudice from the consolidated shareholder derivative litigation.
The foregoing summary of the partial settlement is qualified entirely by reference to Exhibit 99.1 of this Current Report on Form 8-K, the content of which is incorporated by reference herein.
(d) Exhibits.
99.1 - Stipulation and Agreement of Partial Settlement (In Re Broadcom Corporation Derivative Litigation, Case No. CV-06-3252-R (CWx))
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