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Apple Execs Settle Options Case; Company Pays Itself $14 Million

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Old 09-11-2008
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Apple Execs Settle Options Case; Company Pays Itself $14 Million
Apple CEO Steve Jobs and several other senior executives and board members agree to settle a lawsuit that claimed the company was damaged by their role in Apple’s mishandling of stock option awards. Because of the structure of the lawsuit, insurers representing Apple’s directors and officers will pay the company $14 million. The settlement is designed to repair damage to Apple that the shareholders, who are suing on behalf of the company and not themselves, claimed the company suffered because of the stock options tampering.

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