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Big Apple v. Apple settlement: Ira Stoll responds

At his must-read blog Future of Capitalism, Ira Stoll criticizes the securities class action settlement reached between New York City's retirement funds and Apple resolving litigation over the alleged backdating of Steve Jobs's stock options (see our earlier discussion of this litigation here, here, and here). Stoll has been all over this case since back when he was with The New York Sun (see also here).

However one views the merits of the underlying litigation, the $20.5 million settlement seems problematic -- including a $2.5 million cy pres award to twelve universities, which will doubtless raise the eyebrows of our editor. For fuller details on the settlement, see Stoll's post and the City's press release (PDF).

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Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.