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Thu, 24 Apr 2008 Jobs summoned to court in latest backdating lawsuit

Steve Jobs and other senior and former Apple figures summonsed over backdating charges

Jonny Evans

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Apple CEO Steve Jobs and other members of the company board have been summoned to appear in a new case connected with the company's stock options accounting practices.

The Boston Retirement Board issued summonses against Jobs and Apple directors and/or officers: William Campbell, Millard Drexler, Arthur Levinson, Jerome York, Gareth Chang, Edgar Wollard, Fred Anderson and Nancy Heinen.

These summons were put in place by the Superior Court of California, County of Santa Clara and relate to case number 1-08-CV-110403.

The Boston Retirement Board is seeking to prove Apple wasted more than $105 million on the extra value of backdated stock options granted to CEO Steve Jobs. The plaintiffs claim to have new information gained as a result of an inspection of confidential records.

A FindLaw.com report explains that Boston Retirement Board, "can't put those details on paper in the new complaint because the court has not ruled yet on how the confidential information should be treated."

The pension fund says the specifics to back up its charges might have to go into an amended or sealed version of the complaint to be filed later.

Other previous lawsuits relating to the backdating practice have been dismissed or stalled for lack of evidence.

Now Boston Retirement Board claims: :"The documents Apple has produced provide critical details about Apple's backdating practices and confirm that all of Apple's directors were aware of and participated in the backdating scheme."

Jobs and the directors knew that the options were not dated as of when they were awarded, as required by company policy, the pension fund says.

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