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. The council said a pension fund it administered lost money as a result of Mr Cook’s actions. In a statement, the Norfolk Pension Fund said it was “very proud of this recovery for investors”. The BBC has approached Apple for comment. The case was originally brought against Apple and Mr Cook by the US city of Roseville. Norfolk County Council, which administers the £4.9bn Norfolk Pension Fund, took over the lawsuit as lead plaintiff in 2020. Apple had fought the litigation, and a trial was scheduled for later this year. This preliminary settlement – filed on Friday with the U.S. District Court in Oakland, California – should mean that will no longer happen, however it still requires approval by a judge. It is not known what portion of the settlement Norfolk County Council will receive. Apple posted $97 billion of net income in the last fiscal year. The pay-out equals a little under two days of profit for what is one of the world’s wealthiest companies.
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