Mar 15, 2024
Norfolk Council leads £385m legal win over Apple
Apple has agreed to pay £490m to settle a lawsuit led by Norfolk County Council. Norfolk Council said a pension fund it administered lost money as a result of Mr Cook's actions. The English local authority - and the other claimants who joined the action - were all investors who had bought shares between November 2018 and January 2019.However, two months later, on 2 January 2019, Apple downgraded its quarterly revenue forecast, citing tensions between China and the US.That led to a sharp drop in the share price of Apple, and losses for the claimants. Norfolk County Council administers a pension fund worth about £4.9bn. It is not known what portion of the settlement it will receive. Norfolk County Council says "investigations into the fault are ongoing".
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Make a complaint about Apple or Norfolk County Council by viewing their customer service contacts.
