Nabors Industries To Quell Backdating Suit

Law360, New York (January 7, 2008, 12:00 AM EST) -- Oil and gas drilling company Nabors Industries Ltd. agreed to change its corporate governance practices as part of a deal aimed at settling a shareholder derivative suit over alleged option backdating, the company said.

The announcement came a little more than six months after securities regulators ended a probe into Nabors' historical option granting practices without recommending any enforcement action, Nabors added.

Pursuant to the settlement agreement, which still needs court approval from the U.S. District Court for the Southern District of Texas, Nabors agreed to...
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