Okta, Investors Get $60 Million Settlement Over Merger Finalized

Okta Inc.‘s $60 million settlement of investor class claims over the progress of its integration with another user-authentication software company merits final approval, a federal court ruled.

But the investors’ 22% attorneys’ fee request is “slightly excessive in light of this case’s history,” Judge Susan Illston said Tuesday for the US District Court for the Northern District of California, citing the plaintiffs’ choice not to amend the complaint after most claims were dismissed. A 17%, or $10.2 million, fee award is fair and reasonable, she said.

• The plaintiffs alleged that after acquiring Auth0 Inc. in March 2021 for ...