Staples backdating settlement
* Staples to receive .25 mln in insurance proceeds * Plaintiff to apply for .5 mln for attorney fees NEW YORK, April 16 (Reuters) - Office supplies retailer Staples Inc SPLS.O said on Friday that it has reached a settlement in a lawsuit relating to its historical stock option granting practices.The investment bank had other clients such as IKB, a commercial bank headquartered in Düsseldorf, Germany, who held the opposite view of Paulson.The convictions were on two counts of mail fraud and two counts of making a false statement.NEW YORK (Reuters) - Office supplies retailer Staples Inc SPLS.Many viewed the case as an indication that the SEC’s enforcement program is on the mend.The firm came to Goldman looking to create an investment opportunity and profit from its belief.The obligation to pay disgorgement is offset by up to .4 million paid to settle parallel civil actions.
believed the sub-prime residential real estate market was about to collapse according to the SEC.
— Staples Inc., the world’s largest office supply retailer, won a judge’s approval of a .25 million settlement of a shareholder lawsuit that accused company officials of wrongly backdating stock-option grants. Travis Laster also awarded investors’ lawyers .5 million in fees and expenses, to be paid by Staples, according to court papers.
Staples executives and directors denied any wrongdoing as part of the settlement.
The case was filed in December 2006 by Staples shareholder Donna Conrad against certain directors and officers of the company, including Staples Chief Executive Ronald Sargent.
The case sought to recover damages caused to Staples as a result of backdating of Staples stock options.
The agreement is premised upon Staples receiving .25 million in insurance proceeds.