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.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.