Apple execs agree to settle stock options lawsuits

“A group of former and current Apple Inc. executives has tentatively agreed to pay $14 million to settle investor lawsuits over irregularities in some Apple stock options grants between 1997 and 2002.,” Ben Charny reports for The Wall Street Journal.

“The sum includes about $7.3 million in attorneys’ fees, according to terms of the proposed settlement outlined in court papers filed this week. As part of the settlement, Apple also promised to enact certain corporate governance reforms,” Charny reports.

“Apple Chief Executive Steve Jobs, Chief Financial Officer Peter Oppenheimer and Chief Operating Officer Timothy Cook are among the current Apple employees still named as plaintiffs in the case,” Charny reports. “Former Apple CFO Fred Anderson and General Counsel Nancy Heinen are also named.”

Charny reports, “An Oct. 31 hearing has been scheduled to finalize the settlement.”

More in the full article here.

[Thanks to MacDailyNews Reader “Jen” for the heads up.]

17 Comments

  1. “nearly half of $14 million is better than nothing, i prefer this outcome to the crooked executives keeping all of the stolen loot.”

    Absolutely correct. Class actions exist to right wrongs where most individuals would not have had the resources to do it themselves.

    They serve a valid purpose in society, which is to stop the likes of the Apple directors doing bad things knowing that the harm to any one individual will be small enough that most people won’t pursue them.

    They also make the legal process more efficient not less. Imagine a company having to defend millions of individual suits.

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