BUSINESS BRIEFING
Gregory Reyes, the former chief executive of Brocade Communications Systems Inc. who won reversal of convictions for backdating employee stock option grants, will pay $12.5 million to settle a company lawsuit over his role in the options manipulation, court documents show.
Reyes breached his fiduciary duty to the company and unjustly enriched himself in the backdating scandal, Brocade claimed in the case.
Prosecutors could decide to retry Reyes, who still faces a suit by securities regulators.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
