Apple Defeats Lawsuit Claiming It Overpaid Tim Cook and Other Execs
Apple will not have to face an investor lawsuit accusing it of overpaying CEO Tim Cook and other top executives by tens of millions of dollars, after a federal judge on Wednesday dismissed the case (via Reuters).
The plaintiff, a pension fund affiliated with the International Brotherhood of Teamsters, said Apple in 2021 and 2022 awarded a respective $92.7 million and $94 million to Cook and four other executives by improperly calculating the value of performance-based stock awards. The plaintiff argued its compensation committee intended to award just $77.5 million each year.
The alleged error was attributed by the pension fund's lawyers to the committee's improper calculation of the restricted stock unit's "fair values" at the time of the grants, and said it misled shareholders who would be casting advisory votes on executive compensation, known as "say-on-pay."
U.S. District Judge Jennifer Rochon disagreed, however, saying Apple described its pay methods in detailed compensation tables in its 2023 proxy statement "precisely," as securities laws and U.S. Securities and Exchange Commission rules require.
The Manhattan judge also found no proof that Apple's board of directors acted improperly in awarding pay, and said the plaintiff did not give the board enough time to consider its objections before suing.
Apple proxy filings show Cook's compensation totaled about $99 million in both 2021 and 2022, including more than $82 million of stock awards each year. Cook's total pay declined to $63.2 million for 2023.
Popular Stories
Since the iPhone X in 2017, all of Apple's highest-end iPhone models have featured either stainless steel or titanium frames, but it has now been rumored that this design decision will be coming to an end with the iPhone 17 Pro models later this year.
In a post on Chinese social media platform Weibo today, the account Instant Digital said that the iPhone 17 Pro models will have an aluminum...
Apple is continuing to refine and update iOS 26, and beta three features smaller changes than we saw in beta 2, plus further tweaks to the Liquid Glass design. Apple is gearing up for the next phase of beta testing, and the company has promised that a public beta is set to come out in July.
Transparency
In some apps like Apple Music, Podcasts, and the App Store, Apple has toned down the...
The calendar has turned to July, meaning that 2025 is now more than half over. And while the summer months are often quiet for Apple, the company still has more than a dozen products coming later this year, according to rumors.
Below, we have outlined at least 15 new Apple products that are expected to launch later this year, along with key rumored features for each.
iPhone 17 Series
iPho...
Apple should unveil the iPhone 17 series in September, and there might be one bigger difference between the Pro and Pro Max models this year.
As always, the Pro Max model will be larger than the Pro model:iPhone 17 Pro: 6.3-inch display
iPhone 17 Pro Max: 6.9-inch displayGiven the Pro Max is physically larger than the Pro, it has more internal space, allowing for a larger battery and...
In 2020, Apple added a digital car key feature to its Wallet app, allowing users to lock, unlock, and start a compatible vehicle with an iPhone or Apple Watch. The feature is currently offered by select automakers, including Audi, BMW, Hyundai, Kia, Genesis, Mercedes-Benz, Volvo, and a handful of others, and it is set to expand further.
Apple has a web page with a list of vehicle models that ...
New renders today provide the best look yet relocated Apple logo and redesigned MagSafe magnet array of the iPhone 17 Pro and iPhone 17 Pro Max.
Image via Majin Bu.
Several of the design changes coming to the iPhone 17 Pro model have been rumored for some time, such as the elongated camera bump that spans the full width of the device, with the LiDAR Scanner and flash moving to the right side.
...
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are just over two months away, and there are plenty of rumors about the devices.
Below, we recap key changes rumored for the iPhone 17 Pro models.
Latest Rumors
These rumors surfaced in June and July:Apple logo repositioned: Apple's logo may have a lower position on the back of the iPhone 17 Pro models, compared to previous...
Apple is expanding the ability to add an Apple Account Card to the Wallet app to more countries, according to backend Apple Pay changes.
With iOS 15.5, Apple updated the Wallet app to allow users to add an Apple Account Card, which displays the Apple credit balance associated with an Apple ID.
If you receive an Apple gift card, for example, it is added to an Apple Account that is also...
