A federal judge has dismissed a lawsuit accusing Apple of overpaying CEO Tim Cook and other top executives by tens of millions of dollars by miscalculating the value of performance-based stock awards, reports Reuters.
The lawsuit claimed Apple miscalculated the value of performance-based stock awards to Cook and other senior execs. However, U.S. District Judge Jennifer Rochon in Manhattan said Apple described its pay methods in detailed compensation tables in its 2023 proxy statement, “precisely” as securities laws and U.S. Securities and Exchange Commission rules require.
Rochon also found no proof that Apple’s board of directors acted improperly in awarding pay, and said the plaintiff, a pension fund affiliated with the International Brotherhood of Teamsters, didn’t give the board enough time to consider its objections before suing.
