Cablevision Systems will receive $34.4 million from an out-of-court settlement Thursday of a 2006 lawsuit over backdating stock options.
The settlement consists of a mix of $24.4 million in cash, stock options and other non-cash consideration paid by 16 current and former executives. The cable system and basic cable network operator will also receive $10 million from a liability insurer.
“None of the current and former officers, directors or other defendants who entered into the Settlement Agreement has acknowledged any liability or wrongdoing,” Cablevision stated in a regulatory disclosure.
The company also agreed to strengthen corporate oversight to prevent future in the settlement. The original lawsuit is derived from a complaint filed in 2006 by institutional investors.