American Tower Corp. said Thursday that it will pay $14 million to settle a consolidated securities class action filed against the company in May 2006 that concerns its historical stock option granting practices and related accounting.

The broadcast and communications tower operator said that under the settlement, claims against the company will dismissed.

American Tower said it will continue to communicate with its insurers about the insurers' contribution to the settlement.

American Tower expects to report an income statement charge for the amount of the settlement, plus certain related legal fees and expenses.