Norfolk County Council’s pension fund has helped win back £498m for investors after taking on US companies in court.
Through three US class actions, the fund accused Apple, Anadarko Petroleum and Puma Biotechnology of misleading shareholders.
The recoveries are shared among all eligible investors, including Norfolk.
Apple's settlement was the largest, at about £370m, and came shortly before trial. The case centred on CEO Tim Cook's November 2018 denial that China was causing problems, two months before the company announced a shortfall and its shares fell sharply. Anadarko settled for about £86m while seeking summary judgment.
A California jury unanimously found for investors against Puma Biotechnology after a two-week trial, awarding about £42m. The trial established that the chief executive had secretly altered FDA documents before sending them to the banks running a share sale.
Glenn Cossey, Director of the Norfolk Pension Fund, said: ‘Our job is to look after the pension savings of more than 100,000 members across Norfolk. When we believe investors have lost money because a company has provided misleading information, we have a responsibility to take action.’
He added that the settlement ‘helps protect the value of the investments that support members' pensions’.
The fund manages more than £6bn.
