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A New York pension system will be the lead plaintiff in a shareholders lawsuit accusing Apple of securities violations over backdated 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 pension system, which manages about $89 billion in retirement assets for more than 200,000 municipal employees in New York City, holds about 1 million shares of Apple stock.
How many shares of Microsoft stock do they own? Maybe the real reason they're suing is to get rid of the competition! I wouldn't be surprised to see people stoop to this level in order to protect their nesteggs!