No harm over stock
Last modified on Tuesday, 27 May 2008 13:05
A federal judge has told a pension fund that it cannot sue Apple over its dodgy share dealing between top managers.
The fund, owned ironically by New York City (the Big Apple), has been trying to sue Apple Inc. over backdated stock options to prove that the company’s directors allegedly wasted more than $105 million on the extra value of backdated stock options granted to CEO, Steve Jobs.
Judge Jeremy Fogel decided that that since the pension fund had actually profited from its million shares of Apple’s stock, which have risen dramatically in value in recent years, it had not suffered from any dodgy dealing.
The pension fund is considering appealing the ruling.