Apple defeats lawsuit claiming it overpaid CEO Tim Cook, others
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A federal judge on Wednesday dismissed a lawsuit accusing Apple of overpaying Chief Executive Tim Cook and other top executives by tens of millions of dollars by miscalculating the value of performance-based stock awards.U.S. District Judge Jennifer Rochon in Manhattan said the iPhone maker 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. Rochon also found no proof that Apple's board of directors acted improperly in awarding pay, and said the plaintiff, a pension fund affiliated with the International Brotherhood of Teamsters, did not give the board enough time to consider its objections before suing. Lawyers for the pension fund did not immediately resp...