SDSU's Corporate Governance Institute to Share in Apple Settlement
SAN DIEGO (October 18, 2010) - The College of Business Administration at San Diego State University (SDSU) announced that the College’s Corporate Governance Institute (CGI) has been named as a recipient of a cash settlement as a result of a suit filed by the New York City Employees’ Retirement System (NYCERS) against Apple Inc.
The College received official notification of the settlement on October 13, 2010. Preliminary approval for the settlement was granted on October 7, 2010 with CGI slated to receive a cash settlement of $208,333.33 during 2011, contingent upon final court approval on January 7, 2011.
The $16.5 million settlement was a result of the dismissal of a securities class action suit filed against Apple by the NYCERS for improper stock options backdating activities between 2001 and 2006. Under the terms of the settlement, Apple has agreed to pay $2.5 million to “a dozen leading corporate governance programs across the country” including SDSU’s CGI and the governance organizations within the Yale School of Management and the law schools of Columbia University, Stanford University and Harvard University among others.
“This settlement is a signal to other executive teams that engaging in unethical activities, such as certain forms of options backdating, will lead to significant penalties,” said Dr. Lori Ryan, director of CGI and management professor at SDSU. “The fact that $2.5 million will be awarded to leading corporate governance programs around the country will have a significant impact on corporate governance education and practice.”
About the Corporate Governance Institute
The Corporate Governance Institute (CGI) is a research and education center dedicated to the study and application of responsible corporate governance principles worldwide. The mission of the CGI is to enhance the skills of corporate directors, investors, and senior executives through research and curriculum development. For more information, visit www.sdsu.edu/corpgov.
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Student Services East #3220 Tel: (619) 594-5259 Fax: (619) 594-1573 Email: business@sdsu.edu