Apple, its officers and directors, including Apple CEO Steve Jobs, have reached a $14 million deal to settle a stock options backdating case against the company.
Apple has agreed to pay $7.3 million in legal fees and $300,000 to plaintiffs in the federal actions, alongside $1.2 million in legal fees and an additional $50,000 in expenses to the plaintiffs.
The company has also agreed to "certain corporate governance changes," Legal Week informs.
The settlement isn’t finalised yet – a judge has given preliminary approval and has declared a final settlement hearing on 31 October.
The plaintiffs said the deal: "Provides an excellent monetary recovery." They say they agreed to the settlement – despite believing their case had merit – because the cost of continuing litigation was so high.
The deal ends 14 derivative federal actions and five state derivative suits brought against Apple, which has accepted no liability.
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