Skip to main content
You have permission to edit this article.
The Briefcase: N.C. gains $2.71 million from Apple iPhone settlement

The Briefcase: N.C. gains $2.71 million from Apple iPhone settlement

  • 0

N.C. gains $2.71 million from Apple iPhone settlement

North Carolina will receive $2.71 million from a national settlement with Apple Inc. over the company's 2016 decision to throttle consumers’ iPhone speeds to address unexpected shutdowns.

The overall settlement is $113 million involving 34 states.

The attorneys general claimed that Apple discovered battery issues were leading to unexpected shutdowns in iPhones. Rather than disclosing these issues or replacing batteries, Apple concealed the issues from consumers.

Apple’s concealment ultimately led to a software update in December 2016 that reduced iPhone performance in an effort to keep the phones from unexpectedly shutting down.

The attorneys general accused Apple of profiting from selling additional iPhones to consumers whose phone performance Apple had slowed.

Apple recently also entered into a proposed settlement of class-action litigation related to the same conduct in which it will pay out up to $500 million in consumer restitution.

Richard Craver

Truist Foundation provides $7 million to national nonprofit

The Truist Foundation is providing Atlanta-based national nonprofit Purpose Built Communities a $7 million grant over the next three years.

The foundation also committed to becoming the official sponsor of the Racial Equity Ambassadors program, a central part of Purpose Built Communities’ approach to improving health outcomes, economic mobility and racial equity.

The Purpose Built Communities Network now has 28 members leading neighborhood-based holistic revitalization efforts in 24 cities across the country involving housing, education, and health and wellness.

That includes the Boston-Thurmond United community in Winston-Salem.

Richard Craver

Wendover Ridge shopping center sells for $5.7 million

The Wendover Ridge shopping center property in Greensboro has been sold for $5.67 million to a Greensboro group, according to a Guilford County Register of Deeds filing.

The 41,387-square-foot property is on 4.38 acres at 4212 W. Wendover Ave.

It was purchased by 4212 W. Wendover Ave. LLC. The company has Bilal Hamze listed as a member and organizer, according to a corporations filing with the N.C. Secretary of State’s office.

The seller is CVC Properties LLC of Lexington, Ky.

Richard Craver

Champion launching Super Mario Bros. apparel collection

Hanesbrands Inc.’s Champion Athleticwear brand is launching Thursday a limited-edition apparel collection in partnership with Nintendo as part of the 35th anniversary of Super Mario Bros.

The Champion x Super Mario Bros. collaboration features unique Super Mario Bros. graphics on classic Champion apparel, including using some of the Japanese box art created for the original Super Mario Bros.

The collection includes a variety of Reverse Weave hoodies, crews, joggers, anoraks and T-shirts for men, women and children. Items range in price from $30 to $150.

The collection can be purchased at and in various retail partners, including Finish Line, PacSun, Jimmy Jazz, Tilly’s, Zumiez and Shiekh Shoes.

Richard Craver

American National board declares 27-cent dividend

The board of directors for American National Bankshares Inc. declared Tuesday a quarterly cash dividend of 27 cents per common share.

The dividend is payable Dec. 18 to shareholders registered as of Dec. 4.

The bank, based in Danville, Va., has three branches in Burlington, two in Greensboro and one each in Graham, Mebane and Winston-Salem.

Richard Craver

The business news you need

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

Get up-to-the-minute news sent straight to your device.


Breaking News