Apple, Inc. will pay approximately $20.5 million to settle class action claims by the City of New York Employee Retirement System accusing the computer giant of improperly backdating stock options over a five-year period beginning in 2001.
Under the terms of the settlement, announced Wednesday by Corporation Counsel Michael A. Cardozo, Apple will pay $14 million to NYCERS shareholders and will contribute $2.5 million to corporate governance programs at a dozen U.S. schools, including the Center on Corporate Governance at Columbia Law School and the Robert Zicklin Center for Corporate Integrity at CUNY’s Baruch College. Each of the schools will receive $208,333.
