Mudge gives initial go-ahead to $575K settlement of CyberSource class action
Madison County Circuit Judge William Mudge gave a preliminary approval Friday to the settlement of a 2002 class action against CyberSource Corporation.
The suit, brought by employees who claimed to have lost out on moneys owed to them under stock options from a company CyberSource purchased, settled for $575,000.
The proposed settlement does not spell out what incentive amount lead plaintiff Brian Wilgus takes home.
Class attorneys, John Libra and the Korein Tillery firm, take home about 29 percent of the settlement in fees.
Mudge is set for the final approval hearing in the case Aug. 4.
Wilgus and more than 50 other former CyberSource employees sued the company for allegedly preventing them from exercising their stock option rights under a 2000 plan they owned through their former employer, Paylin X.
CyberSource went on to merge with Paylin.
The class action was certified in 2004.
Although the defendant won summary judgment from former Madison County Circuit Judge Daniel Stack, the Fifth District Appellate Court reversed that finding.
Two class members opted out of the settlement.
The parties moved jointly for approval of the settlement.
Alan Goldstein represents the defendant.
Mudge took over the case following Stack's retirement and a change of assignment for Madison County Circuit Judge Barbara Crowder last year.
The case is Madison case number 02-L-995.