Staples Settles Shareholder Backdating Claims

Law360, New York (April 19, 2010, 5:14 PM EDT) -- Executives of office supplies purveyor Staples Inc. have reached a deal with shareholders in litigation over an alleged stock option backdating scheme from 1994 through 2003, which the plaintiffs have called a breach of fiduciary duty and a committed waste of corporate assets.

In a stipulation of settlement filed Friday in the Court of Chancery of the State of Delaware, the parties announced that Staples' insurers would pay $7.25 million to the company, which agreed to reprice nearly $1 million in outstanding vested and unexercised stock...
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