Steve Jobs was asked to testify in a backdating options lawsuit by Corina Ciubotaru

Apple's former counsel Nancy Heinen is currently involved in a lawsuit concerning backdated options being awarded to Apple employees in 2001. This isn't something new in the business world, as this is a common practice that gives recipients more money for their options and many companies have had to deal with the law because of it. The illegal part of an operation like this is not reporting it to regulators, not the backdating itself. Steve Jobs, Apple's CEO has been asked to testify in the lawsuit, but he is not being charged. Some claim he couldn't have been involved as he doesn't understand the laws behind backdating options, and a separate investigation cleared him and all Apple employees from any implication in the matter. The former CFO of the company based in Cupertino, California, Mr. Fred Anderson was also charged with backdating by the SEC and paid $3.65 million in fines even though he always claimed he was not guilty. Three subpoenas were issued in this case so far, of which one was addressed to Jobs and one to Heinen; the third recipient's identity is not known and several other subpoenas are expected to be issued soon. Heinen's lawyers initially wanted to have 45 people testify but the court asked them to reduce the number to a maximum of 12, which makes it more difficult for them to prove their client had only acted on her bosses' orders. She was arrested on April 24th, but a trial date is yet to be set.

related story: http://news.yahoo.com/s/ap/20070920/ap_on_hi_te/apple_jobs_subpoena;_ylt=AugymHESFD4vKRtMX4a4iRSs0NUE

by Corina Ciubotaru for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.