Jobs & Co. settle pool of backdating lawsuits for $14 million

Apple chief executive Steve Jobs, along with members of his current and former management team, have agreed to a settlement that will bring closure to nearly 20 investor derivative lawsuits over backdated stock options.

The $14 million resolution, revealed in court documents obtained by The National Law Journal, will also see the officers pay $7.3 million in attorney fees, $300,000 to plaintiffs in the federal actions, as well as $1.2 million in attorney fees and $50,000 to plaintiffs in state actions.

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