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Federal court in San Diego has approved $56 million in settlements in the Peregrine Systems fraud. This was approved by the parties Oct. 16, as reported here, pending the court's approval. The funds will primarily come from John Moores, former chairman, and other outside directors. (One of the key arguments in the ongoing cases was that Moores was intimately involved in company matters and was hardly an outside director, but that is now academic.) When previously-settled cases are included, particularly $30 million from former accounting firm Arthur Andersen, the total comes to $117 million, according to the San Francisco-based law firm of Gold Bennett Cera & Sidener. "The recovery we obtained from the outside directors of the company may be the largest in the history of class action securities litigation from personal, non-insurance resources," says Sol Cera, partner in the firm.
Federal court in San Diego has approved $56 million in settlements in the Peregrine Systems fraud. This was approved by the parties Oct. 16, as reported here, pending the court's approval. The funds will primarily come from John Moores, former chairman, and other outside directors. (One of the key arguments in the ongoing cases was that Moores was intimately involved in company matters and was hardly an outside director, but that is now academic.) When previously-settled cases are included, particularly $30 million from former accounting firm Arthur Andersen, the total comes to $117 million, according to the San Francisco-based law firm of Gold Bennett Cera & Sidener. "The recovery we obtained from the outside directors of the company may be the largest in the history of class action securities litigation from personal, non-insurance resources," says Sol Cera, partner in the firm.