Settlement Reached in Tripath Technology, Inc. Directors & Officers Litigation
Pearson, Simon & Warshaw, LLP, as Special Litigation Counsel for the trustee of the Post-Effective Date Estate of Tripath Technology, Inc., a high tech public company that filed for bankruptcy in 2007, obtained for the Estate a settlement of $3.25 million from Tripath's former officers and directors. The United States Trustee for the Northern District of California described the result as "spectacular." The amounts recovered for the Estate will result in a payout to the unsecured creditors of approximately 80 cents on every dollar of allowed claims.
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