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US Companies Sued by Pension Funds over Stock Option Backdating

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At a glance:

Pension funds worldwide have begun suing individual companies over the dubious practice of backdating stock options.
 
While not entirely illegal, the practice must be fully disclosed and accounted for, and in many cases under investigation, the backdating is suspected to be illegal.
 
About forty US companies are now under scrutiny in this newest corporate scandal.

Pension funds sue companies, cite backdated stock options

USA Today - 6/14/2006 2:27 AM

Pension funds in the USA, Europe and Australia have begun suing dozens of companies under investigation in the widening scandal over illegally backdated stock options.
 
Darren Robbins, an attorney at the Lerach Coughlin Stoia Geller Rudman & Robbins law firm in San Diego, told the Associated Press that the pension funds are "completely beside themselves and outraged over the self-dealing that has gone on."
 
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