Monster Settles Massive Backdating Suit For $47.5M

Law360, New York (July 31, 2008, 12:00 AM EDT) -- Monster Worldwide Inc., the parent company of employment Web site, has agreed to pay $47.5 million to settle a securities class action that accused it of illegally backdating employee stock option grants.

The settlement, which is still subject to court approval, would be one of the five largest options backdating class action settlements in history, according to plaintiffs' firm Labaton Sucharow LLP.

As part of the memorandum of understanding entered into by the parties, Monster's founder and former CEO Andrew McKelvey will pay $550,000 toward...
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