News | 06.04.19
U.S. Supreme Court to Hear IBM Retirement Fund Dispute
The U.S. Supreme Court has agreed to decide whether managers of a retirement fund for IBM employees that invested in the company's stock can be sued for failing to disclose that IBM's microelectronics business was overvalued. The justices will hear an appeal by IBM's retirement plan of a lower court ruling allowing the litigation to proceed. The U.S. Chamber of Commerce had urged the Supreme Court in a brief to hear the case, saying a ruling against the fund could deter companies from offering retirement plans that invest in company stock. The plaintiffs have said the Retirement Plans Committee of IBM, which oversees the fund, knew or should have known that the business was overvalued.
Read the full article on Reuters