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Business Briefing / Settlements

3 RIM executives agree to pay fines

February 06, 2009|Times Wire Reports

The co-chief executives of BlackBerry maker Research in Motion will pay the bulk of about $77 million Canadian ($62 million in U.S. currency) in fines and restitution to settle allegations they participated in backdating stock options of the Waterloo, Canada, company.

Under the settlement with the Ontario Securities Commission, co-CEO Jim Balsillie, who stepped down as chairman, co-CEO Mike Lazaridis and former chief financial officer Dennis Kavelman will pay a combined $9 million Canadian in fines and $68 million Canadian in restitution to the firm.

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