The second-largest, and one of the top-ranked manufacturers of networking equipment, Juniper Networks Inc. has reportedly agreed to shell out a payment of $169 Million, in order to effectively settle a shareholder lawsuit which was filed by the New York pension funds and other investors, mainly over backdated stock options.

The tentative agreement that has been reached upon by Juniper, the pension funds and other institutional investors still needs court approval, as has been confirmed by New York City comptroller John C. Liu.

Mr. Liu said that the settlement has effectively managed to send out the signal that “business as usual, where executives can play by their own rules behind closed doors, must not and will not be tolerated".

No comments on the development have yet been shared by Juniper.