Apple sued and lost to Norfolk County Council

[Captain Caveman]

Norfolk County Council beats Apple in iPhone row - BBC News

The local authority - and others - had accused the tech giant of misleading shareholders.

www.bbc.co.uk

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.
Norfolk Council said a pension fund it administered lost money as a result of Mr Cook's actions.

A bit of a head scratcher this one. I assume it's Norfolk County Council UK? In my eyes, Cook never entered into any contract with anyone, if he wants to say truthful statements or porky pies (lies). Anyone can take or not take anything he says and do or not do anything because of that. But the Council et. al. won. Just seems a bit bizarre to me.

 

[White 6]

Norfolk County Council beats Apple in iPhone row - BBC News

The local authority - and others - had accused the tech giant of misleading shareholders.

www.bbc.co.uk

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.
Norfolk Council said a pension fund it administered lost money as a result of Mr Cook's actions.

A bit of a head scratcher this one. I assume it's Norfolk County Council UK? In my eyes, Cook never entered into any contract with anyone, if he wants to say truthful statements or porky pies (lies). Anyone can take or not take anything he says and do or not do anything because of that. But the Council et. al. won. Just seems a bit bizarre to me.

Britain's Norfolk County Council is the lead plaintiff in the suit. The council alleged the securities law violation, accusing Apple of making false and misleading statements about its performance in China.

Apple settles federal class-action suit over CEO's comments for $490 million - UPI.com

Apple has agreed to pay $490 million to settle a class-action lawsuit that alleges CEO Tim Cook made false statements, according to a proposed settlement request filed in Oakland County, Calif., federal court.

www.upi.com

 

[Tommy Tainant]

Britain's Norfolk County Council is the lead plaintiff in the suit. The council alleged the securities law violation, accusing Apple of making false and misleading statements about its performance in China.

Apple settles federal class-action suit over CEO's comments for $490 million - UPI.com

Apple has agreed to pay $490 million to settle a class-action lawsuit that alleges CEO Tim Cook made false statements, according to a proposed settlement request filed in Oakland County, Calif., federal court.

www.upi.com

if a company is misleading the market about anything it is fraud. I imagine more prople will jump in on this.

 

[White 6]

if a company is misleading the market about anything it is fraud. I imagine more prople will jump in on this.

Well, that is good. I haven't really followed the story other than to find a print reference where an American member could see in print, the subject is a case brought by Norfolk counsel in Norfolk Britain, not Norfolk, Virginia, which is the Norfolk, that comes to most American minds.

 

[Tommy Tainant]

Well, that is good. I haven't really followed the story other than to find a print reference where an American member could see in print, the subject is a case brought by Norfolk counsel in Norfolk Britain, not Norfolk, Virginia, which is the Norfolk, that comes to most American minds.

I would imagine that similar rules apply in America. You are generally stricter than we are. If Norfolk was defrauded then every other shareholder has also been defrauded.
Every American pension fund will probably have a fiduciary duty to sue. Itss quite shocking to see a company of this size fined. Its usually the more dodgy operations.

 

[White 6]

I would imagine that similar rules apply in America. You are generally stricter than we are. If Norfolk was defrauded then every other shareholder has also been defrauded.
Every American pension fund will probably have a fiduciary duty to sue. Itss quite shocking to see a company of this size fined. Its usually the more dodgy operations.

I am American. I am not easily shocked. Big business is no better than big government, both run by people. I have worked with them, bought goods and services from them, and profited from them, but know they cannot be trusted. Apple is certainly no better and due to size, and size of it's international self-interest, possibly worse than average.

 

[Tommy Tainant]

I am American. I am not easily shocked. Big business is no better than big government, both run by people. I have worked with them, bought goods and services from them, and profited from them, but know they cannot be trusted. Apple is certainly no better and due to size, and size of it's international self-interest, possibly worse than average.

Just enjoy the wealth distribution comrade.

 

[White 6]

Just enjoy the wealth distribution comrade.

I was not a stock investor in Apple, other than outright owning two late model Iphones.