Apple to settle backdating case for $14 million
Posted by Dennis Sellers 
Sep 10, 2008 at 11:12am
Apple and several of its officers and directors, including CEO Steve Jobs, have agreed to settle a stock options backdating case for US$14 million, plus legal fees and costs, reports The National Law Journal.
According to court filings this month, Apple also agreed to pay $7.3 million in legal fees and $300,000 to plaintiffs in the federal actions, as well as $1.2 million in legal fees and $50,000 in expenses to plaintiffs. The company also agreed to certain corporate governance changes. On Monday, a federal judge preliminarily approved the settlement and set a final settlement hearing Oct. 31, according to The National Law Journal.
In addition to Apple and Jobs, the defendants are: former chief financial officer Fred Anderson and chief financial officer Peter Oppenheimer; chief operating officer Timothy Cook; former general counsel Nancy Heinen; senior vice president Ronald Johnson and former senior vice presidents Mitchell Mandich, Jonathan Rubinstein and Avadis Tevanian Jr; and board members William Campbell, Millard Drexler, Arthur Levinson and Jerome York.
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Contributor
Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
