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Last Updated: Tuesday, 24 April 2007, 12:37 GMT 13:37 UK
Apple options probe reaches court
Apple iPod
The success of the iPod has pushed up Apple's shares
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.


SEE ALSO
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29 Dec 06 |  Business
Apple shares hit ahead of figures
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Apple finds stock option problems
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Stock option trouble hits Apple
30 Jun 06 |  Business
Apple warns on revising results
04 Aug 06 |  Business
US stock options inquiry deepens
09 Aug 06 |  Business

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