CVS Caremark Backs Down From Options Fight

Law360, New York (August 9, 2007, 12:00 AM EDT) -- Rather than continuing to slug it out in court, CVS Caremark Corp. has decided to settle a derivative shareholder lawsuit prompted by allegations that Caremark executives illegally backdated stock options prior to the company's March merger with CVS.

The strengthened drugstore chain on Wednesday revealed in a filing with the U.S. Securities & Exchange Commission that the warring sides had struck a deal, hoping to put an end to the shareholder litigation that has been unfolding in Tennessee state court.

Caremark is one of more than...
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