The case was first brought in April 2019 by the US city of Roseville before being taken over in 2020 by a local council in the east of England.
In brief: A class-action lawsuit against Apple has been slowly progressing over the last five years. The case alleged that Apple CEO Tim Cook misled investors with comments about iPhone sales in China, leading to significant investment losses. Apple has now agreed to settle the lawsuit with a $490 million payout.
The case was first brought in April 2019 by the US city of Roseville before being taken over in 2020 by a local council in the east of England.
Norfolk Council, on behalf of the Norfolk Pension Fund and other plaintiffs, alleged that comments made in November 2018 were materially misleading and led to significant losses from their pension fund. They alleged that Apple CEO Tim Cook defrauded investors by hiding information about low demand for iPhones in China.
According to the original filing, on November 1, 2018, Cook spoke to investors to set out their financial expectations.
