Tech giant Apple has agreed to pay almost half a billion dollars to investors on Friday, ending a nearly five year legal battle over allegations it exaggerated iPhone demands in China in 2018.
The $490 million settlement, which has been filed with the U.S. District Court in Oakland, California, will go to investors who bought shares between November 2018 and January 2019.
“We are proud of this recovery for investors,” a spokesperson for Norfolk Pension Fund, a U.K.-based group that led the lawsuit, told the Telegraph. “We are mindful that we are stewards of pensions relied upon by thousands of families and individuals. When and where it’s warranted, we will take decisive action to recover losses when our participants’ investments are harmed by fraud.”
Investors claimed the tech giant, including CEO Tim Cook, had
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