CITY' FUND SUES APPLE

You didn’t think people were going to just sit and around and bitch about this indefinitely, did you? The New York City Employees Retirement System was named lead plaintiff in a shareholder lawsuit that claims Apple Inc. failed to properly disclose how much stock it set aside for options awards.

U.S. District Judge Jeremy Fogel in San Jose, California, appointed the retirement system lead plaintiff on Jan. 19, its law firm, Grant & Eisenhofer, said yesterday in a statement. The system holds about 1 million Apple shares.

Apple "set aside stock worth in excess of $4.4 billion over the past several years to be reserved for options issuance and other employee compensation," Grant & Eisenhofer said. "Shareholders are seeking cancellation of all illegally issued options by Apple."

The suit names as defendants Apple executives and directors, including Chief Executive Officer Ste

http://www.nypost.com/seven/01232007/business/citys_fund_bites_apple_business_.htm