Apple options probe reaches court

The ex-chief financial officer (CFO) at computer firm Apple is expected to settle US claims over his involvement in backdated stock options.

Fred Anderson, who worked for Apple for 10 years to 2004, has agreed to repay $3.5m (£1.7m) of option gains, according to the Wall Street Journal.

Mr Anderson will also be fined about $150,000 but has not admitted guilt.

Apple is one of a string of firms, many of them technology, under scrutiny for backdating stock options to executives.

Court

Changing the date to take advantage of a temporary decline in the company’s share price can be very lucrative.

The firm said in December it took a charge of $84m (£43m) for misdated options, some of which were awarded to boss Steve Jobs, but Apple found no misconduct by the CEO.

Mr Anderson is so far the most senior Apple executive to be embroiled in the backdating scandal at Apple, the maker of the popular iPod digital music player and Macintosh computers, and the first to be settled in court.

Federal regulators are planning legal action against former Apple general counsel Nancy Heinen alleging fraud in connection with two options grants, one of her lawyers has said.

Source: bbc.co.uk