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  • Apple Shareholder Files Lawsuit against Apple for Losses over Anti-Poaching Agreements

    According to the folks over at Patently Apple, shareholder R. Andre Klein is suing the Cupertino California on behalf of all of its shareholders over the company’s anti-poaching agreement. The lawsuit seeks damages for financial losses related to the alleged misconduct by senior directors, which caused investors to be misled, breached the duty of “honest services,” and hurt its overall value. The following was mentioned regarding Apple’s move to spend a huge amount of expenditures:

    …years of lost opportunities to hire more qualified employees that were employed at other companies; costs incurred from defending and paying a settlement in the class action for violation of antitrust laws; costs incurred from defending and settling allegations by the Department of Justice; and loss of reputation.
    The current lawsuit comes after the rejection of a $324 million settlement proposal between Apple, Google, Adobe and Intel. In the filing’s court documents, Judge Koh stated that the settlement fell “below the range of reasonableness” when compared to a $20 million settlement given last year by Pixar, Lucasfilm and Intuit. Comparatively speaking, Apple and others should have to pay at least a minimum of $380 million according to her.

    The defendants named in the lawsuit include Apple CEO, Tim Cook, former chairman of Apple’s board William Campbell, former CFO Fred Anderson and board members, Art Levinson, Bob Iger, Mickey Drexler. There have also been 30 unknown “doe defendants” cited in the case. Their identities will be investigated if the suit moves toward the discovery phase.

    We’ll have to wait and see what happens with yet another lawsuit against Apple. The company appears to be finding itself in an increasing number of legal battles with various people, groups and companies.

    Source: Patently Apple via AppleInsider
    This article was originally published in forum thread: Apple Shareholder Files Lawsuit against Apple for Losses over Anti-Poaching Agreements started by Akshay Masand View original post
    Comments 3 Comments
    1. bigbaba's Avatar
      bigbaba -
    1. holyshnikes's Avatar
      holyshnikes -
      Everyone wants a piece. Apple is so big people will do anything to get a chunk. Even it's own shareholders. Idiots.
    1. tridley68's Avatar
      tridley68 -
      Bet Mr Klein was not complaining when Apple was making him lots of money but investments are a gamble sometimes you win big and sometimes you loose your Butt he knew the risks this lawsuit should be thrown out .