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Apple pays off pension fund

And promises to behave better in future

Internet Security Threat Report 2014

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. ®

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