“Apple Inc. has agreed to pay $16.5 million to settle a class action suit by the New York City Employees’ Retirement System that the company improperly backdated stock options between 2001 and 2006, the city said in a statement,” Karen Freifeld reports for Bloomberg.
“Apple will return $14 million to shareholders and contribute a total of $2.5 million to corporate governance programs at various U.S. universities, including Harvard, Yale and Columbia, the city Comptroller’s office and Law Department said in a statement,” Freifeld reports. “Administrative and attorneys’ fees of $4 million will be paid separately by Apple, the statement said, bringing the total value of the settlement over $20 million.”
Freifeld reports, “Steve Dowling, a spokesman for Apple, said in a telephone interview that Apple and the city’s pension system ‘agreed to resolve their dispute in order to avoid lengthy and costly litigation.’ He said the company was ‘glad to put this matter behind us.'”
Full article here.
[Thanks to MacDailyNews Reader “Lynn W.” for the heads up.]