RIM settles stock options scandal

Comments

GavelYesterday was the day that RIM was to step up to the Ontario Superior Court to put the stock option issue to bed. Last we heard they had amended their plans and announced the settlement. The whole thing blew up back in March, when Jim Balsillie stepped down as RIM’s chairman because of the unfair way in which executives were receiving stock options. The Ironworkers Ontario Pension Fund demanded upwards of $100 to make reparations, but Jim Balsillie and Mike Lazaridis have both forked up just $2.5 million each in order to offset legal costs, in addition to the $5 million already paid. Wow, way to haggle. Under the new agreement, individual directors won’t be able to get stock options so this kind of thing doesn’t happen again.