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02-10-2010, 06:39 PM #1
Juniper Networks to pay $169M in backdating suit
Juniper Networks to pay $169M in backdating suit
By The Associated Press
Wednesday, February 10, 2010 at 2:19 p.m.
SAN JOSE, Calif. — Juniper Networks Inc. has agreed to pay $169 million to settle a lawsuit over mishandled stock options.
The settlement was reached by lawyers for the network-equipment company and the lead plaintiff, a group of New York City pension funds that had invested in Juniper.
The settlement must be approved by a federal judge in San Jose.
Juniper declined to comment.
In 2007 Juniper settled Securities and Exchange Commission charges over its options practices. It was one of dozens of companies to be investigated for backdating, or changing the date of stock-option grants to increase the payouts for executives.
New York City Comptroller John Liu said the settlement signals that executives can't "play by their own rules behind closed doors."
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