13:15 AAPL Apple: Former Apple CFO Anderson said CEO Jobs, board approved grants, says Jobs gave him 'reassurance' on grants (93.02 -0.51) -Update-
The following statement is attributed to Mr. Fred Anderson's attorney Jerome Roth, a partner at Munger, Tolles & Olson LLP in San Francisco. This statement was issued following the announcement by the United States S.E.C t had settled claims against Mr. Anderson arising from his tenure as Chief Financial Officer at Apple (AAPL).
"... With respect to the Executive Team grant that is the subject of the complaint against him: -- Fred was told by Steve Jobs in late January 2001 that Mr. Jobs had the agreement of the Board of Directors for the Executive Team grant on January 2, 2001.
"At the time Mr. Jobs provided Fred this assurance, Fred cautioned Mr. Jobs that the Executive Team grant would have to be priced based on the date of the actual Board agreement or there could be an accounting charge.
"He further advised Mr. Jobs that the Board would have to confirm its prior approval in a legally satisfactory method. He was told by Mr. Jobs that the Board had given its prior approval and the Board would verify it.
"Fred relied on these statements by Mr. Jobs and from them concluded the grant was being properly handled. --
"Finally, Mr. Anderson understood that the Board of Directors, which consisted of sophisticated corporate executives of national stature, including the former Chief Financial Officer of IBM, verified the January 17 date by signing in early February 2001 a Unanimous Written Consent with an effective date of January 17.
"It now appears the Board may not have given the necessary prior approval to the grants, contrary to what Mr. Anderson understood from Mr. Jobs and from the Board's signing of the UWC with an effective date of January 17..."
