Ex-Mercury GC Can't Escape $258M SEC Backdating Case
Law360, New York (February 15, 2013, 8:29 PM EST) -- The U.S. Securities and Exchange Commission won a major ruling Wednesday that could expand its five-year window for filing enforcement actions, as a California federal judge kept alive a long-running suit against Mercury Interactive LLC’s former general counsel over an alleged $258 million stock options backdating scheme.
U.S. District Judge William Alsup denied Susan Skaer’s motion for summary judgment in the SEC’s suit alleging she and other executives helped Mercury hide more than $258 million of compensation expenses by manipulating stock option grants.
Skaer claimed in her Jan. 3 motion that the SEC ran over the five-year statute of limitations. The...
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