The co-executives Research in Motion will pay the most of $62 million in fines to make government regulators stop prosecuting them over a share backdating scandal.

The settlement is the biggest in the history of the Ontario Securities Commission. Jim Balsillie and Mike Lazaridis, co-CEOs of RIM, as well as former chief financial officer Dennis Kavelman will contribute the bulk of the fines.

The provincial stocks regulator said the executives were negligent in overseeing the option backdating, but did not commit fraud. The three must also repay $31.1 million and $4.3 million in interest to RIM to make sure the shareholders don't get too upset.