A group action lawsuit led by Norfolk County Council has forced the tech giant Apple to payout £385m in compensation for pension fund loses.
The class action alleged Apple’s boss, Tim Cook, defrauded shareholders by covering up lower demand for iPhones in China.
The local authority argued this led to the council-administered Norfolk Pension Fund losing money.
A statement from Norfolk Pension Fund said: ‘We are mindful that we are stewards of pensions relied upon by thousands of families and individuals.
‘When and where it's warranted, we will take decisive action to recover losses when our participants' investments are harmed by fraud.’
