Apple said on Wednesday it would make a one-time payment of $38bn to repatriate some of its vast overseas cash holdings, one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S. President Donald Trump.
The company, which has faced international criticism for its tax evasion policies, also said it would spend $30bn in the US over the next five years, creating 20,000 new jobs.
Apple apologized for secretly slowing down older iPhones, a move it said was necessary to avoid unexpected shutdowns related to battery fatigue.
The firm said last week it ‘throttles’ phones to extend their life and stop them from shutting down as batteries age and become less effective, triggering lawsuits across the world.
Nine lawsuits have been filed against United States multinational technology company Apple for fraud, after the company said it slowed down older iPhones to compensate for poor battery performance, Reuters reported on Wednesday.
Eight of the nine lawsuits have been filed in the US District Courts in California, New York and Illinois. They seek class action against Apple to represent potentially crores of iPhone users around the United States. A similar case was lodged in an Israeli court on Monday, the newspaper Haaretz reported. Apple did not respond to an email seeking comment on the filings.
Apple on MOnday reached an agreement with the European Union to begin depositing the â‚¬13 billion ($15.4 billion) in back taxes it was ordered to pay Ireland last year, following the landmark decision to crackdown on tax shelter policies and profit offshoring, according to The Wall Street Journal.