Option backdating settlement
A class action settlement has been reached in a class action lawsuit pending against Apple Inc.
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We'd all have been better off if backdating was seen for what it really was: a rational response to an irrational accounting rule.
Anyway, Apple was alleged to have backdated a number of options.
Given that the class attorneys are negotiating money for third parties instead of their own putative clients (for their own benefit, no less), there is also a breach of fiduciary duty that raises questions whether the class attorneys meet the Rule 23(a)(4) standard.
The settlement is further problematic in that the vast majority of class members are entitled to zero compensation; it is far from clear that the sole lead plaintiff is a member of this subclass.
Eventually, Apple settled the case, to the tune of $20.5 million.
Here's how Ira Stoll from Future of Capitalism, describes the terms of the settlement: Ted Frank, the president of the Center for Class Action Fairness and a leading tort-reform advocate, is making the case that the settlement is worse than nutty and unfair. Indeed, it seems the center is planning to contest the settlement in court, provided it can find people who invested in Apple between 20 who are willing to be named as plaintiffs. Surely there are plenty of Apple investors who don't want to see Apple pay .5 million to settle this kind of nuisance lawsuit.
Under the terms of the Apple stock option backdating class action lawsuit settlement, Apple will reportedly pay million to certain shareholders, contribute a total of .5 million to corporate governance programs at various U. universities and Apple will establish key corporate-governance reforms.
A very long ten years ago – before the financial crisis, before the Euro crisis, before the Brexit vote — there was the options backdating scandal.
The wave of litigation the scandal stirred up took its time to work its way through the system, but eventually the litigation was resolved and the scandal moved into …Tags: Adult Dating, affair dating, sex dating