Apple shareholders were recently notified by this court document that the “Apple Derivative Litigation” has been settled. A brief summary of this–which relates to backdating of Apple stock options–is as follows:
Apple Inc. and several of its officers and directors, including chief executive Steve Jobs, have agreed to settle a stock options backdating case for $14 million, plus attorney fees and costs.
According to court filings this month, Apple also agreed to pay $7.3 million in attorney fees and $300,000 to plaintiffs in the federal actions, as well as $1.2 million in attorney fees and $50,000 in expenses to plaintiffs in the state cases. In re Apple Computer Inc. Derivative Litigation, Master File No. C-06-04128 (N.D. Calif.).
The company also agreed to certain corporate governance changes.
On Monday, a federal judge preliminarily approved the settlement and set a final settlement hearing for Oct. 31.
To add injury to insult, however, the court document was distilled and put into Acrobat on Windows!
That’s almost worse than paying the $14M.