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Settlement in backdating suit

October 10, 2009|Times Wire Reports

Gregory Reyes, the former chief executive of Brocade Communications Systems Inc. who won reversal of convictions for backdating employee stock option grants, will pay $12.5 million to settle a company lawsuit over his role in the options manipulation, court documents show.

Reyes breached his fiduciary duty to the company and unjustly enriched himself in the backdating scandal, Brocade claimed in the case.

Prosecutors could decide to retry Reyes, who still faces a suit by securities regulators.

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