Apple Settles Options Backdating Litigation For $14M

Law360, New York (September 29, 2010, 6:53 PM EDT) -- Apple Inc. shareholders have won a $14 million settlement in a securities class action that alleged CEO Steve Jobs and other directors covered up illegal profits from backdated stock options.

Without admitting liability, the computer giant agreed to disperse the cash into a settlement fund for the New York City Employees’ Retirement System and other lead plaintiffs, according to a joint settlement agreement filed Tuesday in the U.S. District Court for the Northern District of California.

Apple also pledged to donate $2.5 million to 12 university...
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