Apple’s bosses to repay £7.9m

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Jobs and other Apple directors and executives, have agreed to repay the company $14million within a month of the settlement being finalised. They will also pay $9million in costs.

In addition, the computer company has also agreed to corporate governance reforms and to change the way that it awards stock options.

Apple bosses were accused of stock options backdating, where the options are priced on past levels to take advantage of subsequent price increases.

Apple was named when a federal probe in 2006 uncovered more than 20 cases of alleged timing offences in companies across America and had to take an $84million charge.