Apple Backdating Suit Settled, Jobs and Co,'s Insurance Will Pay Apple US$14 Million

Steve and the gang already threw a party when the last federal investigator on the stock backdating case filed out of 1 Infinite Loop ("Hey, you forgot your 5-year old Thinkpad! Haha, suckers!"). But now, the remaining civil suits that were still active have been settled (with no admission of wrongdoing) for US$14 million, all of which will be paid by the investment insurance coverage of the defendants—Jobs, along with several other suits and VPs. But still, since the shareholders who were the plaintiffs were suing on behalf of the company, the money will end up back in Apple's hands. Look for some boss new espresso machines and maybe a moon bounce over in Jobs' neck of the woods, thanks to the now US$14-million heavier "luxuries for the exec wing" budget. [AP, Apple Insider]

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