Just when you thought it was safe to go back onto the Internet: the options backdating scandal returns. And it’s my hometown in the spotlight once again as the Boston Retirement Board is leveling a lawsuit against Apple, Steve Jobs, Nancy Heinen, Fred Anderson, and six other current and former board members for breach of corporate duties. The BRB said they would be pursuing a suit back in April after getting access to board and committee meeting notes last September.
But how does this differ from other backdating suits? Lawyer H. Adam Prussin, who’s repping the BRB, says this case is “similar but not identical” to the others. Which, in a way, is kind of funny, because the suit calls the language Apple used to describe the backdating in its 2006 annual report “vague and shifting.” Looks like Apple’s not the only who can be vague, eh, Mr. Prussin?
The suit alleges that Jobs was “at the center of the backdating scheme” but was protected by the board. This despite an internal investigation that found no wrongdoing and a criminal probe that was closed with no charges. And a lack of tangible financial damages.
Personally, it seems to me like the Boston Retirement Board is wasting more money pursuing this case than they’d probably get in the extreme unlikelihood that they actually win. But that’s Boston for you: we love lost causes.
[Image via Behr Rake’s blog]
The Neverending Story III was already made: http://www.imdb.com/title/tt0110647/
I'm pretty sure I saw about 5 minutes of it once, and I blame most of my problems on that experience. Perhaps it is best we replace the movie with this backdating experience.
I think Chicago has to claim that mantle now.