City Pension Fund Goes Ahead With a Lawsuit Against Apple

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The New York Sun

The pension fund for New York City’s public employees is pushing forward with its suit against Apple Inc. even though a federal judge’s ruling suggests shareholders don’t have a case against the company. A ruling last month by Judge Jeremy Fogel of U.S. District Court in San Jose, Calif., said the New York City Employees’ Retirement System could not sue Apple over backdating stock options. Because Apple’s stock has soared in value in recent years, Judge Fogel ruled that NYCERS hadn’t suffered damages. He advised NYCERS to join a derivative suit, on behalf of the company, which would mean plaintiffs would not stand to receive payouts. NYCERS decided not to heed the advice. On Friday, the pension fund re-filed a new version of the suit seeking damages.

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