WASHINGTON (AP) — Pension funds in the United States, Europe and Australia are suing dozens of companies over the timing of stock options grants to their top executives, an attorney for a firm that is filing the suits said Tuesday.
The pension funds, which hold shares in the companies and include several union-employee funds in the United States, are using a prominent law firm specializing in class-action suits against public companies to bring their cases.
In expanding investigations, at least 39 companies are under scrutiny by the Securities and Exchange Commission or federal prosecutors for possible manipulation of the timing of options grants so that executives could reap a profit.
Pension funds "are completely beside themselves and outraged over the self-dealing that has gone on," said Darren Robbins, a partner in Lerach Coughlin Stoia Geller Rudman & Robbins.
The suits say company directors failed in their role as watchdogs. The aim is "to recover the monies that were diverted from the corporate till," Robbins said.
http://www.usatoday.com/money/compan...ons-suit_x.htm



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