William Eichler 18 March 2024

Apple to pay £385m for council pension fund loses

Apple to pay £385m for council pension fund loses    image
Image: pio3 / Shutterstock.com.

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.’

SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager (Regeneration)

West Yorkshire Combined Authority
£49,359 to £56,057 per annum (pay award pending) – Grade 9
With ambitious goals ahead, we need dedicated individuals who are ready to make a real impact as part of our expanding Housing team Leeds / Hybrid
Recuriter: West Yorkshire Combined Authority

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerPermanent, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerFixed Term, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

HR Advisor - Pay & Policy (Career Grade)

Wakefield Council
Grade 9 - Grade 10, Career Grade, 24 hours, Permanent
Are you ready to make a difference and shape policies that foster a high performing and inclusive workplace? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Leisure Support Assistant

Wakefield Council
£12,013.50 - £12,202.00, Grade 3, 18.5 hours, Permanent
Are You Ready to Make a Difference in Your Community? Wakefield, West Yorkshire
Recuriter: Wakefield Council
Linkedin Banner