Good News for Former Brocade CEO

Fortune’s Roger Parloff reported Friday at his Legal Pad blog on a significant recent development in the options backdating case of former Brocade CEO Gregory Reyes. Although he was convicted on 10 bacdating related charges, Reyes will likely receive a minimal prison term – if he in fact is sentenced to any prison time at all. Seems the judge presiding over Reyes’ trial has concluded that Reyes’ conduct caused no economic losses, notwithstanding the Government’s assertions that Reyes caused as much as $2.5 to 3 billion. The Court rejected the Government’s various loss calculations as unproven or having no basis in fact or law. Thank Heaven we have the feds to protect us from all those non-loss causers.


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