In re cablevision systems corporation options backdating litigation
Litigation arises from complaints about related-party transactions, corporate waste, unfair mergers, executive compensation, corporate governance, insider trading, accounting fraud, securities law violations, minority shareholder oppression and the Foreign Corrupt Practices Act.
Derivative lawsuits force company executives to maximize shareholder value and serve a critical role in preventing damaging acts of fiduciary wrongdoing from occurring at the company in the future.
As part of the settlement, worth .4 million, about .5 million being paid by Cablevision executives, directors and a consultant, while the other million will be paid by it's directors and officers' insurance.
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New York, NY: (June-5-08) Cablevision Systems Corp.
The settlement resolves a shareholder lawsuit contending that the company engaged in improper stock options backdating practices in awards given to executives and directors from 1997 to 2002.
The case was pending in New York State Supreme Court.
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