Fossil, Shareholders Settle Backdating Suit For $8.6M

Law360, New York (July 6, 2011, 7:19 PM EDT) -- Fossil Inc. and investors won approval Tuesday for an $8.6 million settlement resolving a shareholder derivative suit in Texas that accused the fashion company's top executives of stock options backdating.

U.S. District Judge Royal Furgeson signed off on a settlement the parties reached in early May. His approval closed the case against the majority of Fossil's directors and top officers who, according to plaintiffs, engaged in a secret scheme to grant undisclosed, in-the-money stock options to themselves and others by backdating stock option grants to coincide...
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