If you want on or off the Mac Ping List, Freepmail me.
Posted on 12/19/2007 12:34:54 AM PST by Swordmaker
"The pension fund for New York City's public employees is pushing forward with its suit against Apple Inc. even though a federal judge's ruling suggests shareholders don't have a case against the company. A ruling last month by Judge Jeremy Fogel of U.S. District Court in San Jose, Calif., said the New York City Employees' Retirement System could not sue Apple over backdating stock options. Because Apple's stock has soared in value in recent years, Judge Fogel ruled that NYCERS hadn't suffered damages. He advised NYCERS to join a derivative suit, on behalf of the company, which would mean plaintiffs would not stand to receive payouts. NYCERS decided not to heed the advice," Joseph Goldstein reports for The New York Sun.
Full article here.
David Zeiler writes for The Baltimore Sun, "Talk about ungrateful... Over the course of 2006 AAPL went up, erasing any temporary setbacks caused by the backdating issue. The stock opened the year at $71.89 and closed it at $84.84. What possible damages could Apple owe any shareholders after achieving such extraordinary gains?"
"Not only is this lawsuit utterly futile, it could harm the very pension fund it is supposed to protect. Did NYCERS ever consider that filing and re-filing lawsuits against Apple could negatively affect the stock price? Wall Street has mostly forgotten about the whole thing; NYCERS would be wise to forget about it as well and save itself the lawyer’s fees," Zeiler writes. "Instead of filing lawsuits, NYCERS should be writing Apple thank-you notes."
Full article here.
If you want on or off the Mac Ping List, Freepmail me.
Well, it’s hardly surprising that lawyers want to sue somebody. They don’t get paid the big bucks unless they spend lots of time doing something, even when they lose.
Hooray! This is a business opportunity for AAPL!Countersue the ungrateful jerks!
Find out who the attorneys are, who in the firm donated to whom and you will find the answer. If a judge has already found that there are no perceivable damages and the litigation is re-filed, someone is dissipating the pension fund’s assets and violating his fiduciary obligations. Some other pensioners or trustees of the fund should sue both the attorneys and whomever hired them.
It’s all about the billable hours.
Lets see.... those stocks in the pension fund are worth a WHOLE LOT more than they were before - outperforming probably every fund in their portfolio - so they will complain.
What exactly are their damages again??? Isn’t that one of the things you have to prove when you sue someone - that you have tangible damages?
Stupid case, but since AlGore is on the board of Apple, maybe not so bad.
Do union members ever stand up on their hind legs and swat their officials.
Judge Jeremy Fogel of U.S. District Court in San Jose, Calif., said the New York City Employees' Retirement System could not sue Apple over backdating stock options. Because Apple's stock has soared in value in recent years, Judge Fogel ruled that NYCERS hadn't suffered damages. He advised NYCERS to join a derivative suit, on behalf of the company, which would mean plaintiffs would not stand to receive payouts.See, now that makes sense. ;')
No, but they do squat a lot when they are ordered to do so.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.