Berman Tabacco

KLA-Tencor Corp.

In re KLA-Tencor Corp. Securities Litigation, No. 06-cv-04065 (N.D. Cal.)

As chair of the executive committee representing co-lead plaintiff Louisiana Municipal Police Employees’ Retirement System, Berman Tabacco negotiated a $65 million agreement to settle claims that KLA-Tencor illegally backdated stock option grants, issued false and misleading statements regarding grants to key executives and inflated the company’s financial results by understating expenses associated with the backdated options. The court granted final approval of the settlement in 2008. At the conclusion of the case, Judge Charles R. Breyer praised plaintiffs’ counsel for “working very hard” in exchange for an “extraordinarily reasonable” fee, stating: “I found your fee to be extraordinarily reasonable … I appreciate the fact that you’ve done an outstanding job, and you’ve been entirely reasonable in what you’ve done. Congratulations for working very hard on this.”

Case Information

  • Settlement Amount:
    $65,000,000