Norfolk leads investors in $490m settlement with Apple
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A group of investors led by Norfolk Pension Fund have filed a preliminary $490m settlement in a case against tech giant Apple. A judge will need to approve the settlement.
The group of shareholders had reportedly alleged that they were defrauded because the company unexpectedly changed its outlook for iPhone demand in China amid US-China tensions. Apple’s chief executive, Tim Cook, had suggested a few weeks earlier that there were no concerns about demand in China. Apple reduced production shortly afterwards, leading to a fall in share value.
Apple denies the allegations.
Norfolk Pension Fund and Apple have been contacted for comment.
