The upgrade schedule says that Lollipop is available for Nexus 5, but when I go into my phone settings, it's 4.4.4 version and it's says that it's the latest version. Why can't I get Lollipop?
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Google hasn't pushed the update to all Nexus 5's yet, it goes by batch of serial numbers. It's normally rolled out to all phones within about a month, so it shouldn't be much longer before you get it.