Broadcom Settles Shareholder Lawsuits

Irvine-based Broadcom Corp., a maker of computer chips for cable television set-top boxes and personal computers, will pay $5.3 million and agreed to add an independent director as part of a settlement to resolve shareholder lawsuits.

The money will go toward the plaintiffs’ legal fees, the company said.

Under the settlement, Broadcom’s independent director can be nominated by qualifying shareholders owning 1% to 20% of the shares outstanding.

Shares of Broadcom fell 9 cents to $26.96 on Nasdaq.