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RIM execs smacked with millions in fines
CANADA: The co-executives of BlackBerry-maker Research In Motion will pay the brunt of about $77 million Canadian (US$62 million) in fines and restitution to settle allegations they participated in a practice known as stock option backdating.
The settlement Thursday is one of the biggest in the history of the Ontario Securities Commission, and marked a rare occasion where some of the country's most prominent executives appeared before the commission for wrongdoing.
Under the settlement, Jim Balsillie and Mike Lazaridis, co-CEOs of RIM, as well as former chief financial officer Dennis Kavelman will contribute the bulk of the fines.
Also included are several other executives and directors from one of the most successful companies in the history of Canada.
