Report: Apple CEO Jobs, others may pay $14M to settle suits
Some current and former executives at Apple Inc. — including CEO Steve Jobs — tentatively agreed to pay $14 million to settle suits over option grant irregularities, according to a report Wednesday.
The Wall Street Journal said included in the proposed settlement is about $7.3 million in attorneys' fees.
Jobs, CFO Peter Oppenheimer, COO Timothy Cook, former CFO Fred Anderson and former general counsel Nancy Heinen are named in the suits, filed by investors over dates on option grants between 1997 and 2002.
In October 2006 Apple reported findng 15 questionable dates on option grants, including one to Jobs fast cash advance. The company, which reported $84 million in related expenses, said there was no evidence he was involved in any wrongdoing.
The Securities and Exchange Commission later filed charges against Anderson and Heinin; Anderson agreed to a $150,000 fine and Heinen a $2.2 million fine.
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