According to The American Lawyer, the settlement agreement still has to be approved in federal court. Under the agreement, Comverse will pay $165 million by selling auction rate securities back to UBS, or if that doesn’t work, the company will pay with a mixture of cash and stock.
Former CEO Jacob “Kobi” Alexander will pay $60
The Securities and Exchange Commission previously settled
with William Sorin, former general counsel for Comverse Technology, on civil
fraud charges relating to his part in an options backdating scheme (see Former Comverse Counsel Settles on Backdating Charges).