February 11, 2010 / 12:33 AM / 9 years ago

Juniper settles option backdating suit for $169 mln

* Awaiting final approval by trustees and the court

* Class action lawsuit led by New York City Pension Funds

SAN FRANCISCO, Feb 10 (Reuters) - Juniper Networks Inc (JNPR.N) has settled a class-action lawsuit with the New York City Pension Funds brought over a stock options backdating scandal.

The agreement is tentatively set at $169 million, which is one of the largest settlements of its kind, New York City’s comptroller said on Wednesday.

“It sends a signal to the bad players in corporate America that business as usual, where executives can play by their own rules behind closed doors, must not and will not be tolerated,” Comptroller John Liu said in a statement.

Juniper did not provide any comment other than to acknowledge the facts of the case.

The NYC Pension Funds originally sued Juniper in 2006, claiming executives improperly changed their stock options for personal profit.

The final settlement agreement is contingent upon final approval by a federal judge.

Juniper’s stock closed down 10 cents, or 0.4 percent, at $25.02 on the New York Stock Exchange. (Reporting by Ian Sherr; Editing by Gary Hill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below