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| Norfolk County Council beats Apple in £385m iPhone row | Norfolk County Council beats Apple in £385m iPhone row |
| (3 days later) | |
| Apple has agreed to pay $490m (£385m) to settle a lawsuit led by Norfolk County Council. | Apple has agreed to pay $490m (£385m) to settle a lawsuit led by Norfolk County Council. |
| The class action alleged the tech giant's boss, Tim Cook, defrauded shareholders by covering up lower demand for iPhones in China. | The class action alleged the tech giant's boss, Tim Cook, defrauded shareholders by covering up lower demand for iPhones in China. |
| The council said a pension fund it administered lost money as a result of Mr Cook's actions. | |
| In a statement, the Norfolk Pension Fund said it was "very proud of this recovery for investors". | |
| The statement continued: "We are mindful that we are stewards of pensions relied upon by thousands of families and individuals. | The statement continued: "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." | "When and where it's warranted, we will take decisive action to recover losses when our participants' investments are harmed by fraud." |
| The BBC has approached Apple for comment. | The BBC has approached Apple for comment. |
| The class action lawsuit - meaning it is on behalf of a group of claimants - centred around comments made by Apple's chief executive Tim Cook. | The class action lawsuit - meaning it is on behalf of a group of claimants - centred around comments made by Apple's chief executive Tim Cook. |
| He told investors on 1 November 2018 that there was "sales pressure" in some countries but he "would not put China in that category". | |
| However, two months later, on 2 January 2019, Apple downgraded its quarterly revenue forecast, citing tensions between China and the US - leading to a sharp drop in Apple's share price. | However, two months later, on 2 January 2019, Apple downgraded its quarterly revenue forecast, citing tensions between China and the US - leading to a sharp drop in Apple's share price. |
| Within that two-month window, reports emerged that Apple had told its top smartphone assemblers to "halt plans for additional production lines" for the recently released iPhone XR. | Within that two-month window, reports emerged that Apple had told its top smartphone assemblers to "halt plans for additional production lines" for the recently released iPhone XR. |
| The claimants in this case were all investors who had bought shares between November 2018 and January 2019. | The claimants in this case were all investors who had bought shares between November 2018 and January 2019. |
| They said they lost money because they had been falsely reassured by Mr Cook's comments in November. | They said they lost money because they had been falsely reassured by Mr Cook's comments in November. |
| The case was originally brought against Apple and Mr Cook by the US city of Roseville. Norfolk County Council, which administers the £4.9bn Norfolk Pension Fund, took over the lawsuit as lead plaintiff in 2020. | |
| Apple had fought the litigation, and a trial was scheduled for later this year. This preliminary settlement - filed on Friday with the U.S. District Court in Oakland, California - should mean that will no longer happen, however it still requires approval by a judge. | Apple had fought the litigation, and a trial was scheduled for later this year. This preliminary settlement - filed on Friday with the U.S. District Court in Oakland, California - should mean that will no longer happen, however it still requires approval by a judge. |
| It is not known what portion of the settlement Norfolk County Council will receive. | It is not known what portion of the settlement Norfolk County Council will receive. |
| Apple posted $97 billion of net income in the last fiscal year. The pay-out equals a little under two days of profit for what is one of the world's wealthiest companies. | Apple posted $97 billion of net income in the last fiscal year. The pay-out equals a little under two days of profit for what is one of the world's wealthiest companies. |
| Related Topics | Related Topics |
| China | China |
| Norfolk County Council | Norfolk County Council |
| Apple | Apple |
| iPhones | iPhones |
| California | California |