Apple to pay $490M to settle class-action lawsuit over iPhone fraud: report

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Apple (NASDAQ:AAPL) is paying $490M to settle a class action lawsuit brought forth by shareholders against the tech giant after they alleged Chief Executive Tim Cook defrauded them over iPhone weakness, Reuters reported. A preliminary settlement was filed in U.S. District Court in Oakland, California, the news outlet said. It is awaiting approval from U.S. District Judge Yvonne Gonzalez Rogers. The lawsuit is the result of comments Apple and Cook made to investors on Jan. 2, 2019 that it was cutting its revenue forecast as a result of Sino-American tensions. "We believe the economic environment in China has been further...