Feeds

Apple pays off pension fund

And promises to behave better in future

Build a business case: developing custom apps

Apple has paid $14m to a New York pension scheme to end a lawsuit over its backdating of share options for Steve Jobs and other executives.

The company has already paid to end investigations into backdating by the Department of Justice and other shareholders.

Apple is paying $14m for shareholders in the New York City Employee's Retirement System.

Apple also promised to improve its corporate governance practises and compliance checks. It will also hand over $2.5m to corporate governance classes at Columbia School of Law and Stanford, MarketWatch reports.

Apple is also picking up the $4m bill that the lawyers have racked up during the four year case.

The company has already coughed up cash to end investigations by the Securities and Exchange Commission in 2009. The SEC was concerned that stock options were effectively back-dated, to a time when they were worth less. This is not illegal in itself, but failing to tell the SEC is considered fraud.

In 2008 Apple paid a similar figure to shareholders in California. ®

The essential guide to IT transformation

More from The Register

next story
True fact: 1 in 4 Brits are now TERRORISTS
YouGov poll reveals terrible truth about the enemy within
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?