The wages of sin are death. Lousy pay, if you ask us. But the wages of backdating lawsuits are nothing to sneer at. The proposed settlement (.pdf) in McAfee’s derivative litigation over backdating would give lawyers at Coughlin Stoia and other plaintiff firms $13.75 million for their work.
The settlement also gives McAfee $30 million by freezing and canceling about 2 million stock options.
The settlement must be approved and there are three key people who aren’t too pleased with the deal: former CEO George Samenuk, former GC Kent Roberts (who’s fate is currently in the hands of a federal jury), and former president Kevin Weiss aren’t getting a release. The plaintiffs are proposing to preserve claims against the triumvirate for the company to pursue.
— Zusha Elinson