New York pension fund takes lead in Apple lawsuit

The New York City Employees' Retirement System said on Monday it was picked as the lead plaintiff in a shareholder lawsuit against Apple over its stock options practices.

The pension fund will spearhead the lawsuit, which contends Apple violated securities laws through its options awards to top executives, according to the fund's law firm, Grant & Eisenhofer.

The lawsuit seeks class-action status on behalf of other investors in the company.

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