Local firm reaches record settlement for APERS

The Texarkana, Texas law firm of Nix, Patterson & Roach reached a $160 million settlement with Brocade Communications Systems, Inc. in a shareholder class-action lawsuit related to backdating of stock options. It is the largest such settlement to date. Last August, former Brocade Chief Executive Gregory Reyes (pictured) was found guilty on criminal charges related to backdating.

The lead Plaintiff in the suit was the Arkansas Public Employees Retirement System (APERS). In addition to its Texarkana office, Nix, Patterson & Roach also has offices in Daingerfield, TX, Dallas, Louisiana and Tennessee. Two other local law firms also served as counsel for APERS. Here's more from the Wall Street Journal.