A major US pension fund has elected to continue its lawsuit against Apple over irregularities in its stock options accounting - despite a recent ruling that suggests there isn't a case.

The pension fund for New York City Employees' Retirement System is pushing forward with the lawsuit despite a judgement made last month by Judge Jeremy Fogel.

Fogel ruled that shareholders had suffered no damages as a result of the options accounting fiasco, as Apple stock has soared recently to new highs.

Despite the judge's counsel, the pension fund has elected to press forward with the action. A hearing is set for January to decide whether Judge Fogel will allow the city to go ahead, reports the New York Sun.

The complaint says Apple's shareholders suffered damages when the stock price "fell over 14 per cent following disclosures" in 2006 about how Apple had accounted for stock options.