Broadcom agreed to pay $12 million to settle charges with the Securities and Exchange Commission over the chip maker's stock-option backdating that led to a restatement of more than $2 billion.

The SEC said that Broadcom had misrepresented the dates on which stock options were granted to executives and employees between June 1998 and May 2003. Broadcom's chairman and CEO sat on the two-member option committee, which had the authority to approve options for all employees except the most senior executives.

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