FREMONT, Calif. -- Hoping to end to its legal nightmare, Avanti Corp. here announced it has paid all fines, penalties, and $195 million in restitution to Cadence Design Systems Inc. in connection with the company's conviction on software theft charges.
"This concludes a difficult chapter of our company's history," said Paul Lo, who became Avanti's president in July.
The Fremont-based electronics design automation supplier has been trying to pay off restitution to Cadence since August but it had to ask for more time to raise addition funds. In mid-August, Avanti said it had paid Cadence $140 million, and it hoped to pay the final $27 million in restitution before the end of that month.
Nearly 12 weeks ago, the Santa Clara County Superior Court sentenced Avanti and six employees--including the company's chairman, Gerald Hsu, who was then president and CEO--in connection with the theft of EDA source code and material from rival Cadence after a highly publicized criminal case in San Jose (see July 25 story).
