American Tower Pays $14M To Settle Backdating Case

Law360, New York (December 14, 2007, 12:00 AM EST) -- Wireless communication company American Tower Corp. has settled a class action over stock options backdating, agreeing to give its shareholders $14 million to drop the case.

In a statement released Thursday, American Tower said the settlement would resolve all the claims against the company and two of its top executives, if approved by the Massachusetts district court.

The Boston-based company said it would continue to negotiate with its insurers about their contribution to the settlement.

U.S. District Judge Mark L. Wolf stayed the case pending a...
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