Previously, the SEC announced a tentative settlement with Schottenfeld Group which had been submitted to Judge Rakoff for consideration as discussed here.
* Staples to receive .25 mln in insurance proceeds * Plaintiff to apply for .5 mln for attorney fees NEW YORK, April 16 (Reuters) - Office supplies retailer Staples Inc SPLS.O said on Friday that it has reached a settlement in a lawsuit relating to its historical stock option granting practices.The not guilty verdicts were on counts which include mail and wire fraud, securities fraud and filing false proxy statements.Others claimed the suit, approved by a 3-2 vote of the Commissioners, was politically timed to help the Administration move its financial reform legislation through Congress.After initially raising questions regarding the proposed settlement, the court approved it this week.
The acquittals came on all charges based on option backdating claims.
Stockman and Stepp also include the SOX provisions regarding CEO and CFO certifications.
Stockman agreed to pay approximately .2 million in disgorgement and about .3 million in prejudgment interest along with 0,000 in civil penalties.
The .25 million, from directors’ and officers’ insurance payments, will go to the company.
Staples reported net income of 8.7 million in the fiscal year ended in January, on sales of .3 billion.
The firm came to Goldman looking to create an investment opportunity and profit from its belief.