Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 15,303.10 +8.60 0.06%
S&P 500 1,649.60 -0.91 -0.06%
Nasdaq 3,459.14 -0.27 -0.01%
Ticker Volume Price Price Delta
STOXX 50 2,764.29 -12.49 -0.45%
FTSE 100 6,654.34 -42.45 -0.63%
DAX 8,305.32 -46.66 -0.56%
Ticker Volume Price Price Delta
Nikkei 14,612.50 +128.47 0.89%
Hang Seng 22,618.70 -51.01 -0.23%
S&P/ASX 200 4,983.50 -78.95 -1.56%

Apple Sued by Ex-Worker Who Says Jobs Guaranteed His Job

Apple Inc. (AAPL) was sued by Wayne Goodrich, who says he was a confidant, sounding board and close adviser to company co-founder Steve Jobs and was fired for no legitimate reason despite Jobs’s promise of job security.

Goodrich said he was fired in December for what Apple said were “business reasons” not connected to his performance, according to a complaint filed Aug. 17 in California state court in San Jose.

Goodrich, who worked for Jobs since 1998, was promised by late chairman of the world’s most valuable company in a one-on- one meeting in May 2005 that he would always have a job at Apple, according to the complaint. The conversation took place after Jobs’s return from medical leave to receive treatment for pancreatic cancer, Goodrich said.

“This express promise by Steve Jobs was consistent with a practice that Steve Jobs had, acting on behalf of defendant Apple, of promising job security to certain key employees who worked directly with him for many years,” Goodrich said in the complaint.

Goodrich alleged breach of contract and unfair business practices and seeks damages for lost restricted stock units, wages, benefits and emotional distress. He’s seeking compensation for loss of restricted stock that was worth $97.40 a share when awarded in 2008 and about $635 a share as of Aug. 17. Apple discharged him to avoid paying the restricted stock, Phil Horowitz, Goodrich’s lawyer, wrote in the complaint.

Steve Dowling, a spokesman for Cupertino, California-based Apple, declined to comment on the lawsuit.

Executive Producer

Goodrich was executive producer of Apple’s public presentations, including all new product releases, and participated in the creative process for developing the presentations and working with Jobs to prepare the events, according to the complaint.

Goodrich said he played a key role working with Jobs to coordinate major product events such as the debut of the iPhone and iPad. The keynote speeches -- and the resulting media coverage -- have been a critical part of Apple’s strategy for introducing new devices. Apple sold more than 3 million iPads after the latest tablet went on sale in March following one event.

Apple’s style of product releases have been emulated throughout the technology industry, with executives such as Facebook Inc. (FB) co-founder Mark Zuckerberg using similar events to introduce new features for the world’s largest social network.

Goodrich said one of his major accomplishments at Apple was to introduce the company to Siri virtual personal assistant technology. He was the first Apple employee to meet with managers of the company that developed Siri, which Apple later acquired, according to the complaint.

Raises, Bonuses

He received raises and bonuses each year, including from 2007 through 2011, according to the complaint. Goodrich was assured by Jobs in 2010 that he would be given another job at Apple if anything happened to his position and Jobs wasn’t around, according to the complaint.

Jobs died in October at age 56 after battling a rare form of cancer. Tim Cook, Apple’s chief operating officer, took over as chief executive officer.

The case is Goodrich v. Apple, 112cv230651, California Superior Court, Santa Clara County (San Jose).

To contact the reporter on this story: Karen Gullo in San Francisco at kgullo@bloomberg.net

To contact the editor responsible for this story: Andrew Dunn at adunn8@bloomberg.net

Enlarge image Apple Sued by Ex-Employee Who Says Jobs Pledged Job Security

Apple Sued by Ex-Employee Who Says Jobs Pledged Job Security

Apple Sued by Ex-Employee Who Says Jobs Pledged Job Security

Diptendu Dutta/AFP/Getty Images

Apple co-founder Steve Jobs on the cover of his biography.

Apple co-founder Steve Jobs on the cover of his biography. Photographer: Diptendu Dutta/AFP/Getty Images

Enlarge image Apple Cleared of Infringing Google Wireless Patents

Apple Cleared of Infringing Google Wireless Patents

Apple Cleared of Infringing Google Wireless Patents

Matthew Lloyd/Bloomberg

Apple won a verdict of more than $1.05 billion after jurors found Samsung Electronics infringed six of seven patents for mobile devices.

Apple won a verdict of more than $1.05 billion after jurors found Samsung Electronics infringed six of seven patents for mobile devices. Photographer: Matthew Lloyd/Bloomberg

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

Personal Finance Best Sellers From Amazon

Key Rates

  • Mortgage
  • Home Equity
  • Savings
  • Auto
  • Credit Cards
Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 4.03% 3.94%
30 Year Fixed 3.77% 3.47%
15 Year Fixed 2.88% 2.71%
10 Year Fixed 2.98% 3.00%
30 Year Fixed Refi 3.76% 3.46%
15 Year Fixed Refi 2.88% 2.68%
5/1 ARM 2.66% 2.61%
5/1 ARM Refi 2.64% 2.56%
View rates in your area »

Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.34% 5.24%
$50K HELOC 4.56% 4.53%
$75K HELOC 4.57% 4.53%
$100K HELOC 4.27% 4.21%
$30K Home Equity Loan 5.95% 6.06%
$50K Home Equity Loan 5.97% 6.02%
$75K Home Equity Loan 5.94% 5.99%
$100K Home Equity Loan 5.80% 5.84%
View rates in your area »

Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.24% 1.21%
2 Year CD 0.70% 0.66%
1 Year CD 0.57% 0.52%
MMA $10K+ 0.47% 0.50%
MMA $50K+ 0.69% 0.70%
MMA Savings Jumbo 0.58% 0.60%
View rates in your area »

Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.97% 3.19%
48 Months Used Car 2.92% 3.13%
36 Months Used Car 2.88% 2.96%
72 Months New Car 2.45% 2.96%
60 Months New Car 2.54% 2.67%
48 Months New Car 2.45% 2.58%
60 Months Auto Refi 4.15% 4.36%
36 Months Auto Refi 3.60% 3.76%
View rates in your area »

Source: Bankrate.com

Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.53% 15.57%
Platinum Fixed 12.70% 12.70%
View rates in your area »

Source: Bankrate.com