Monster Worldwide Inc. has agreed to pay $47.5 million to settle a class action alleging that the company backdated stock options. As part of that settlement, Andrew McKelvey, Monster's founder and former chief executive officer, agreed to pay $550,000. The settlement is among the largest involving stock options backdating. Earlier this month, UnitedHealth Group Inc. paid $895 million to settle a backdating class action. In June, Brocade Communications settled a backdating class action for $160 million.
Online Job Search Company Pays a Monster Backdating Settlement
The National Law Journal
August 1, 2008