Apple Inc (AAPL): 07:08 AAPL N.Y. Pension Fund to lead law...

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Wednesday, 01/24/2007 9:09:44 AM

Wednesday, January 24, 2007 9:09:44 AM

07:08 AAPL N.Y. Pension Fund to lead lawsuit over Apple options - Washington Post (85.70 )

Washington Post reports 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 Fogel, according to Grant & Eisenhofer, the law firm representing the group.

The system owns about 1 mln 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.