It’s taking a long time for William Sorin to put his stock option backdating woes behind him. The former general counsel of Comverse Technology, Inc., he’s already spent a year in federal prison for his role in altering option grants at the company. Now Sorin also must pay $1 million to partially fund a class action settlement.
The company’s former CEO, Jacob “Kobi” Alexander, will also kick in $60 million to the settlement, which was announced in December. The money will be used by Comverse to help fund a $225 million settlement in a class action brought on behalf of its shareholders. In return, the company—the world’s largest maker of voicemail software—will drop its own suit against its former executives, who will drop their countersuits against Comverse.
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