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 argued its compensation committee intended to award just $77.5 million each year. 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. 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.

Source: The Guardian February 08, 2024 11:33 UTC