Comverse Settles Backdating Actions For $225M

Law360, New York (December 18, 2009, 6:04 PM EST) -- Comverse Technology Inc. and its disgraced former CEO Jacob “Kobi” Alexander, who is fighting extradition from Namibia over an alleged options backdating scheme, have agreed to pay $225 million to settle a shareholder class action and related litigation.

In a filing with the U.S. Securities and Exchange Commission, Comverse said it had settled a consolidated shareholder class action pending in the U.S. District Court for the Eastern District of New York, along with consolidated derivative actions pending in the same court and in the New York...
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