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.