Norfolk County Council’s pension fund has recovered nearly £500 million through a series of legal actions against major American corporations, marking a notable run of successful claims in the US judicial system. The fund, primarily representing retired local government employees, recently secured an £86.4 million settlement with Anadarko Petroleum, a Texas-based energy firm. This follows earlier settlements with Apple and Puma Biotechnology that brought total recoveries to £497 million.
The case against Apple concluded in 2024 with a £385 million settlement after a five-year legal dispute. The fund alleged the technology giant had misrepresented its business prospects in China, claims Apple settled without admitting liability. Two years prior, Norfolk’s pension fund reached a £41 million post-trial settlement with Puma Biotechnology, a cancer treatment company headquartered in Los Angeles. Unlike the other cases, the Puma litigation proceeded to a jury trial, resulting in a unanimous verdict in favour of the pension fund and other investors. The jury found that Puma’s chief executive had secretly altered documents submitted to the US Food and Drug Administration before distributing them to banks managing a share sale.
The fund’s involvement in these high-profile US cases dates back to 2011 when it engaged Mark Solomon, managing partner of Robbins Geller, a San Diego law firm specialising in class actions. Solomon described the legal battles as heavily contested, with multiple defence teams and extensive litigation efforts. The Apple case, in particular, involved prolonged and intense legal proceedings that extended to just before trial, while the Puma case required a full trial in Santa Ana, California, involving evidence presentation, witness testimony, and courtroom technology.
Alex Younger, a senior official with the Norfolk pension fund, highlighted the challenges posed by varied defence strategies across the cases. He emphasized the importance of resilience and not being intimidated during the legal process. Younger also stressed the fund’s commitment to acting in the best interests of its members—not only in generating financial returns but also in protecting the fund's assets through assertive legal stewardship. He noted that the fund’s willingness to challenge alleged corporate misconduct serves as a precedent and deterrent for other investors.
The Norfolk pension fund’s legal successes demonstrate how a local UK government pension scheme can effectively hold major US corporations accountable in complex cross-border litigation, offering a notable example of assertive shareholder activism.