U.S. Supreme Court tosses lower court ruling that allowed IBM retirement fund suit
The U.S. Supreme Court on January 14 threw out a lower court ruling that allowed a lawsuit to proceed against managers of a retirement fund for IBM Corp employees centring on allegations that officials failed to disclose that IBM’s microelectronics business was over-valued.
The justices sent the case back to the New York-based 2nd U.S. Circuit Court of Appeals for a further legal analysis. IBM is not a defendant in the lawsuit filed in New York federal court by plaintiffs who were participants in IBM’s retirement plan.
U.S. Supreme Court tosses lower court ruling that allowed IBM retirement fund suit
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