Compensation Consultant Targeted In Backdating Suit

Law360, New York (November 28, 2006, 12:00 AM EST) -- In a new twist in the options backdating scandal that has swamped corporate executives in litigation, shareholders of Cablevision Systems Corp. have sued the company’s former compensation consultant for its role in setting up misdated stock options grants.

The amended complaint claims that compensation consultants Lyons, Benenson & Co. “knowingly participated"” in Cablevision's options manipulation by providing advice and documentation to help backdate options grants.

Lyons, Benenson attended compensation committee meetings where backdated options were approved of, and knew company officials were “violating” the company's employee...
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