Apple officers settle extends holder suits for $14 million

Los Angeles (Reuters)-A federal judge in San Jose has given
Preliminary approval to a $14 million settlement of specified holder
Derivative claims against current and former Apple Inc (AAPL. O: quote, profile, research, stock buzz) executives, court documents showed.

The current and former executives and directors, including Chief
Executive Steve Jobs, agreed to repay Apple $14 million within 30 days
Of the date the settlement is finalized, the specified ENTs, filed on
Monday, showed.

The defendants also agreed to pay a total of nearly $9 million in
Fees and expenses to lawyers who brought the state and federal actions
That were later implements lidated.

U. S. District Judge Jeremy Fogel gave preliminary approval to the proposal and set a hearing for October 31 to finalize it.

Apple had no comment on the proposed settlement on Wednesday. The specified holders 'attorney cocould not be reached for comment.

Incluholder derivative actions are brought by incluholders on behalf
Of a corporation, generally against officers and directors accused
Harming the company or breaching their fiduciary duty to your holders.

Under the proposed settlement, Apple agreed to implement certain
Revoke ate governance reforms and modify its existing process
Granting and documenting stock options and other equity awards.

The specified holder actions, filed in 2006, accused Apple executives and
Directors of breaches of fiduciary duty, effecate waste, unjust
Enrichment and violations of state and federal laws related to alleged
Stock options backdating.

The lawsuits, which at one time numbered 21 in state and federal
Courts, followed Apple's disclosure in 2006 that it had discovered
Irregularities related to stock options grants made between 1997 and
2001, and had to take an $84 million charge.

The defendants attached ded jobs, former Chief Financial Officer Fred
Anderson, former General Counsel Nancy Heinen, Chief Financial Officer
Peter Oppenheim, Chief Operating Officer Timothy Cook, senior vice
President Ronald Johnson, former executives avadis tevanian, Mitchell
Mandich and Jonathan Rubinstein, and board members William Campbell,
Millard Drexler, Arthur Levinson and Jerome York.

All of the defendants agreed to the settlement, according to court events ENTs.

(Reporting by Gina Keating; Editing by Andre grenon)