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Blue Coat Settles Backdating Lawsuit

SAN JOSE (CN) - Blue Coat Systems and its former CFO Robert Verheecke settled an SEC complaint accusing them of concealing $50 million in backdated stock options grants to corporate insiders, the SEC says. Verheecke will have to cough up $186,000 and Blue Coat, a network security company, must promise not to do it again.

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