Remember options backdating? There is still a raft of unresolved options backdating cases out there, but at least one of the remaining options backdating related securities class action lawsuits has now been settled.
On June 9, 2009, Marvell Technology announced (here) that it has reached an agreement to settle the case for a payment to the class of $72 million. I have added the Marvell case to my table of options backdating case resolutions, which can be accessed here.
With the addition of the Marvell case, 27 of the 39 options backdating-related securities class action lawsuits have now been resolved. Nine have been dismissed and eighteen have been settled. Twelve of the 39 have not yet been resolved. A complete list of the options backdating lawsuits can be found here.
According to the Securities Litigation Watch "Options Backdating Scorecard" (here), the average options backdating class action settlement (including the Marvell settlement) $82.5 million, but if the $895 million UnitedHealth Group settlement is excluded, the average settlement (again including the recent Marvell settlement) $34.71 million, which suggests that the Marvell settlement was well above the prior adjusted average options backdating securities class action lawsuit settlement.