Apple settles shareholder derivative lawsuits; court preliminarily approves corporate governance reforms

Apple Inc.

On April 23, 2024, U.S. District Court granted preliminary approval of settlement in In re Apple Inc. Stockholder Derivative Litigation (Case No. 4:19-cv-05153-YGR).
Settlement requires Apple to adopt enhanced risk oversight, including review of material regulatory compliance issues by Risk Oversight Committee.
Apple will implement iOS update transparency measures, including Chief Compliance Officer review of release notes on Performance Management.
Apple will maintain webpage with information on lithium-ion batteries, unexpected shutdowns, and Performance Management as part of extended customer transparency commitments.
Settlement releases claims against Apple directors and officers; no monetary payment is made, only corporate governance enhancements.

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