(CN) - The Delaware Court of Chancery approved a $28.5 million shareholder settlement with directors of Maxim Integrated Products, who were accused of backdating stock options.
Maxim agreed to pay shareholders $28.5 million in cash, making the settlement the second-highest award for all shareholder derivative actions alleging backdated options.
Chancellor Chandler also awarded the plaintiffs $9.5 million in attorney fees.
Maxim is a publicly held Delaware company that specializes in making integrated circuits used in microprocessor-based electronic equipment.
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