Nicholas asks judge to dismiss suit
From Times Wire Services
Former Broadcom Corp. Chief Executive Henry T. Nicholas III sought dismissal of a lawsuit brought by the Securities and Exchange Commission accusing him of participating in a scheme to backdate stock options.
The allegations fail to state a claim, are too vague or are too late, lawyers for Nicholas said in a request filed in Santa Ana.
The SEC seeks penalties rather than court orders prohibiting Nicholas from engaging in specific activities, which means there is a five-year limit for enforcement actions, according to the request. Almost all the alleged violations occurred before Nov. 12, 2002, Nicholas’ lawyers said in court documents.
