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John Moores and four other former officials of scandal-plagued and bankrupt Peregrine Systems are offering to pay aggrieved investors a collective $55 million, according to papers on file in U.S. District Court. Originally, plaintiffs had sought almost $1.5 billion from Moores alone, because he dumped almost $500 million worth of stock during the fraud period, and that sum could be multiplied by three. However, judges in both state and federal court have rebuked plaintiffs on several key matters along the way, leading to valid complaints that regulatory officials, prosecutors, and judges have let Moores and other board members who dumped their stock off the hook. The other members of the Moores group are former officials Charles Noell III, Christopher Cole, Norris van den Berg, and Richard Hosley. According to court papers, San Francisco attorney Solomon Cera has separately reached an agreement with former Peregrine officials Rodney Dammeyer, Richard Nelson, and Frederic Luddy.
John Moores and four other former officials of scandal-plagued and bankrupt Peregrine Systems are offering to pay aggrieved investors a collective $55 million, according to papers on file in U.S. District Court. Originally, plaintiffs had sought almost $1.5 billion from Moores alone, because he dumped almost $500 million worth of stock during the fraud period, and that sum could be multiplied by three. However, judges in both state and federal court have rebuked plaintiffs on several key matters along the way, leading to valid complaints that regulatory officials, prosecutors, and judges have let Moores and other board members who dumped their stock off the hook. The other members of the Moores group are former officials Charles Noell III, Christopher Cole, Norris van den Berg, and Richard Hosley. According to court papers, San Francisco attorney Solomon Cera has separately reached an agreement with former Peregrine officials Rodney Dammeyer, Richard Nelson, and Frederic Luddy.