Apple has agreed to pay a US$16.5 million settlement to the New York City Employees Retirement System in a class action lawsuit the group filed over improperly backdated stock options that had been awarded to some Apple executives.

The settlement includes $14 million for NYCERS shareholders, $2.5 million for corporate governance programs at Columbia Law School and Stanford Law School, and “the establishment of key corporate-governance reforms at the company,” according to MarketWatch. Apple also agreed to pay $4 million in attorney fees independently of the settlement.