Apple Agrees to Nearly Half-Billion-Dollar Settlement Over Misleading Statements to Investors on iPhone Demand in China

Apple CEO Tim Cook speaks during the opening ceremony of the 4th World Internet Conference in Wuzhen in eastern China's Zhejiang Province, on Dec. 3, 2017. AFP via Getty Images

In a massive proposed legal settlement, Apple Inc. has agreed to a $490 million settlement over allegations that CEO Tim Cook misled shareholders by concealing a decline in iPhone demand in China.

This settlement is the result of a class-action lawsuit spearheaded by Norfolk County Council as Administering Authority of the Norfolk Pension Fund in Norwich, England.