Read The Recorder‘s roundup of the stock-option backdating scandal. There won’t be a test later … but there might be a subpoena.
The former CEO also should pay the $14 million Brocade spent defending an SEC probe, plus the $7 million fine it paid securities regulators, prosecutors argue. Wilson Sonsini represented the company in those proceedings. Reyes also should pony up $4.1 million for more than a dozen witnesses’ legal costs, according to the government.
However, prosecutors think former HR chief Jensen, who was convicted on two counts of falsifying books, should be on the hook for her own $7.1 million in legal costs. Keker & Van Nest partner Jan Little represented Jensen.
And former Brocade executives Antonio Canova and Michael Byrd should likewise pay their own legal bills in connection with an SEC suit, the government says. Those costs come to a combined $5 million. Norman Blears at Heller Ehrman represents Canova, and Byrd hired Patrick Doolittle at Quinn Emanuel Urquhart Oliver & Hedges.
