Apple’s long-running options backdating saga appeared to come to an end on Thursday after the Securities and Exchange Commission announced it had reached a settlement with the computer maker’s former top lawyer.

The US regulator said Nancy Heinen, one of two former top Apple executives accused of alleged improper manipulation of stock options grants, had agreed to pay $2.2m and accept a five-year ban on serving as an officer or director of a public company. Under the settlement, Ms Heinen will neither admit nor deny wrongdoing.