NEW YORK AP – Former executives of Comverse Technology Inc. will pay $62 million to partially fund a class action settlement stemming from alleged stock option backdating. Most of the money will come from the voicemail software maker’s former CEO, who fled the country to avoid prosecution in the backdating scheme.
Former CEO Jacob “Kobi” Alexander, who fled to Namibia in 2006, will pay $60 million to Comverse. In return, New York-based Comverse will drop its lawsuit against the fugitive executive.
