Qualcomm Settles Class Action Litigation
SAN DIEGO -- February 26, 2001 -- Qualcomm Incorporated (Nasdaq: QCOM) today announced that it has reached agreement to resolve the class action litigation filed by former employees of the Company arising out of the sale of assets associated with Qualcomm's infrastructure division to Ericsson. Under the terms of the settlement, $11 million (minus attorneys' fees and costs), which is being contributed by third parties, will be distributed to the more than 800 former employees in the class. Qualcomm had no input or opinion regarding the allocation of the settlement among the class members. A final settlement approval hearing has been scheduled for April 2001.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and is a 2000 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
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