Options backdating charges
averted
Research in Motion has reached a settlement with the Ontario
market regulator, which was thinking of making record fines against the outfit's
bosses.
In a press release, RIM said that it, and some of its officers and
directors had reached an agreement with the Ontario Securities Commission (OSC)
relating to the previously disclosed investigation of RIM's historical stock
option granting practices.
While it did not say it money is believed to have
changed hands. In late January, the Canadian press reported RIM co-chief
executive officers Jim Balsillie and Mike Lazaridis faced penalties of up to
(US) $100 million for wrongly backdating stock options for themselves and staff
as far back as 1996.
The pair repaid $1.6-million each to the company, the
estimated value of their benefit.