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Apple Settles Backdating Suit With NYCERS

Publication Date: 
October 06, 2010
Source: 
MarketWatch
Author: 
John Letzing
Apple Inc. has agreed to settle a securities class-action lawsuit related to alleged stock-option backdating for $16.5 million, the New York City Employees’ Retirement System said Wednesday. NYCERS initially filed suit as lead plaintiff against Apple /quotes/comstock/15*!aapl/quotes/nls/aapl (AAPL 288.31, -0.88, -0.30%) roughly four years ago, alleging that the consumer-electronics maker improperly backdated stock options for employees between 2001 and 2006.