LAWSUITS NEWS & LEGAL INFORMATION
Computer Associates
This is a settlement for the Commercial lawsuit.
Islandia, NY: (Jun-25-07) Russell Artzt, the co-founder of Computer Associates, who has long played a high-level operational role in the Islandia company's software-development efforts, filed suit against Computer Associates, following an internal report that shed light on the unethical business practices company executives were engaged in.
In a settlement reached, Artzt agreed to a $9 million payout from Computer Associates to resolve allegations. Artzt was never accused of any wrongdoing, but had been a board member, and he was one of three executives who received part of a controversial $1.1 billion stock award in 1998, which was later reduced following a shareholder settlement. The award was given over part of a period in which CA was accused of manipulating its accounting. Artzt played no role in the sales or accounting functions of the company. Following the settlement, company officials state that Artzt will take on a more strategic role rather than a day-to-day operational one. [NEWSDAY: BUSINESS FRAUD]
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In a settlement reached, Artzt agreed to a $9 million payout from Computer Associates to resolve allegations. Artzt was never accused of any wrongdoing, but had been a board member, and he was one of three executives who received part of a controversial $1.1 billion stock award in 1998, which was later reduced following a shareholder settlement. The award was given over part of a period in which CA was accused of manipulating its accounting. Artzt played no role in the sales or accounting functions of the company. Following the settlement, company officials state that Artzt will take on a more strategic role rather than a day-to-day operational one. [
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