US - The US$89bn New York City Employees' Retirement System (NYCERS) has been appointed lead plaintiff in the securities class action against Apple.
The case - which names company board members Steve Jobs and Al Gore - alleges Apple set aside stock worth "in excess of $4.4bn" over the past several years to be reserved for options issuance and other employee compensation.
NYCERS currently holds around one million shares in Apple worth $90m, and will be represented in the case by corporate governance law firm Grant & Eisenhofer.
The firm said in a release shareholders were "seeking cancellation of all illegally issued options by Apple and would assert large-scale dilution of their holdings as a result of the way that Apple failed to disclose its options set-asides in its proxy materials".
The firm added it would file a consolidated complaint "in the coming weeks" outlining shareholder claims against Apple.
The case is proceeding in US district court for the northern district of California under Judge Jeremy Fogel.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.