Norfolk pension fund wins £86m settlement from US energy firm

Summarised from 2 outlets · Updated 16 Oct, 06:32 · Archive

Norfolk Pension Fund has secured an £86.4m settlement after suing Texas-based energy company Anadarko Petroleum.

Norfolk Pension Fund, which holds the retirement savings of 109,000 local government workers in Norfolk, has secured an £86.4m settlement in a lawsuit against Texas-based energy company Anadarko Petroleum. The fund, run by Norfolk County Council, had bought shares in the company between February 2015 and May 2017. The value of those shares subsequently fell.

The lawsuit alleged that Anadarko Petroleum had made false or misleading statements about an oil field the company had discovered, and that it failed to disclose material facts about its business and operations. Anadarko did not accept liability, but agreed to settle the claim out of court.

This settlement marks the latest success for the pension fund in its investor protection efforts. In 2024, Apple agreed to pay more than £380m to claimants including Norfolk Pension Fund after years of litigation. That lawsuit alleged Apple's chief executive Tim Cook misled investors about iPhone sales in China between November 2018 and January 2019. Apple denied the allegations but accepted a mediator's proposal to settle 'in recognition that further litigation will be protracted, overly burdensome, expensive and distracting'. In 2019, a jury in Santa Ana, California also found that Puma Biotechnology, in which the pension fund had held shares, had committed securities fraud.

How it is being reported

• Norfolk pension fund lands £86m settlement after taking on US energy giantA pension fund relied on by more than 100,000 people across Norfolk has been handed a boost, after a multi-million-pound settlement was reached in a lawsuit.Eastern Daily Press · 16 Oct, 06:00
• Norfolk pension fund lands £86m settlement after taking on US energy giantA pension fund relied on by more than 100,000 people across Norfolk has been handed a boost, after a multi-million-pound settlement was reached in a lawsuit.Norwich Evening News · 16 Oct, 06:00

In this story: Norfolk Pension Fund · Norfolk County Council · Anadarko Petroleum · Apple · Tim Cook · Puma Biotechnology · Norfolk · Texas

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