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BlackBerry-maker Research in Motion (NSDQ: RIMM) said today it has reached a settlement with the Ontario Securities Commission, relating to an investigation into whether the company wrongly back-dated stock options, reports AFP. The Globe and Mail first reported that the Co-CEOs Jim Balsillie and Mike Lazaridis were under investigation, and that they could face record fines.
“RIM and certain of its officers and directors have reached a settlement agreement with the staff of the Ontario Securities Commission (OSC) relating to the previously disclosed investigation of RIM’s historical stock option granting practices,” RIM said in a statement. A panel must approve the settlement at a hearing scheduled for tomorrow. It is unknown what the settlement is, but the Globe and Mail speculated that the two could face penalties of up to $79.2 million. So far, they have repaid $1.6 million each to the company, plus millions more to cover the company’s costs to investigate the matter and settle an investor class-action lawsuit.