Greenlight Capital is suing Apple in a New York federal court over the company's proposal to do away with preferred stock, reports the AP

David Einhorn, who heads Greenlight, says the company should pony up more of the cash in its coffers— $137 billion and growing. Greenlight's been a shareholder since 2010 with 1.3 million Apple shares. 

Apple started paying quarterly dividends last year, but at $2.65 a share, they're a drop in the bucket compared to how much "cash Apple generates each quarter," says the AP. Even so, the company flatly rejected Greenlight's proposal for "preferred shares of stocks" that would be distributed to stockholders last September. 

[via AP]