Apple Settles Backdating Lawsuit for $20.5 Million
Apple has settled a class action suit and agreed to pay shareholders millions of dollars in a case relating to backdated stock options.
Apple has finally settled a four-year-old class-action lawsuit filed by the New York City Employees' Retirement System relating to backdating stock options. The company has been ordered to pay $14 million to shareholders, $2.5 million to fund corporate-governance programs at Columbia and Stanford and an additional $4 million in legal fees.
AppleInsider reports that in December 2000, Steve Jobs approved an options grant for Apple's top executives, but the grant wasn't finalized until January 31. When it was later revealed that the stock options were dated for January 17, Apple was accused of backdating the options.
This is not the first lawsuit relating to the backdating scheme, though. In 2008 Apple settled a similar suit relating to the matter and paid $14 million to Californian shareholders. The company was also subject to a 2007 SEC investigation that saw former CFO Fred Anderson and former general counsel Nancy Heinen charged. The two agreed to a settlement without admitting wrongdoing and were fined and ordered to repay millions of dollars in illegal gains.
Source: Apple Insider, Market Watch

welcome to capitalism
Is it really that important to get that extra million through backdating when you've already stashed tens of millions of dollars? >_
Really, I think it might have caused terminating the free bumper program! Poor iCrap buyers!
welcome to capitalism
He should. I'm sure he was the one who benefited the most out of this.
I get your point, buy I dunno about the analogy. How many stupid kids are kicked out of a store and told never to return when they're caught shoplifting?
I think the better analogy would be armed robbery. "Well, say your sorry, pay a small fine, and promise that you'll try extra-hard not to do it again. And of course you can keep your gun."
The next economical Crysis would be one that can actually be played with high settings on a machine that costs less than a grand.
I'm here all weekend, folks...try the veal.
That, Is funny.