N.Y. Pension Fund To Lead Lawsuit Over Apple Options
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Wednesday, January 24, 2007
SAN JOSE -- A New York pension system will be the lead plaintiff in a shareholders lawsuit accusing Apple of illegally backdating stock options.
The New York City Employees' Retirement System was named the primary plaintiff in the lawsuit Friday by U.S. District Judge Jeremy D. Fogel, according to Grant & Eisenhofer, the law firm representing the group.
The system, which manages about $89 billion in retirement assets for more than 200,000 municipal employees, owns about 1 million shares of Apple stock. The plaintiffs are seeking class-action status for their case and want damages in connection with what they allege were illegally backdated stock options.
Fogel is also hearing a separate but similar securities case that consolidates a number of civil complaints about Apple's stock-options accounting. Apple has not yet responded to either case.
Federal prosecutors are investigating Apple's past stock-options practices, including a specific stock option award to chief executive Steve Jobs. Federal investigators last week questioned Jobs about the company's backdating practices.
Apple said its internal investigation cleared Jobs and other current management of wrongdoing.
