Apple, Execs Settle Backdating Cases for $14 Million

Lora Bentley

Remember the stock options backdating lawsuit the New York City Employees Retirement System and others filed against the company at the end of 2007, and how the judge who dismissed it said the plaintiffs did not demonstrate a causal relationship between the backdating and a drop in Apple's stock prices?

 

Well, two individual investors filed another class action suit against current and former Apple executives in June. According to The Register, Martin Vogel, Kenneth Mahoney and the others argued that CEO Steve Jobs and the rest of the defendants (former CFO Fred Anderson and former general counsel Nancy Heinen, among others) intentionally changed stock option grant dates.

 

Market Watch reported Wednesday that Jobs, et al., have agreed to pay $14 million to settle this suit and others arising out of backdating that occurred between 1997 and 2002. The settlement will be finalized in an Oct. 31 hearing, the story says.



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