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IBM Can’t Pause 401(k) Stock Suit While Appealing to SCOTUS

Feb. 5, 2019, 3:57 PM

International Business Machines Corp. workers can continue litigating over the employer stock in their retirement without waiting for the company to file a petition with the U.S. Supreme Court.

The U.S. Court of Appeals for the Second Circuit Feb. 4 denied IBM’s motion to put the case on hold. IBM said it will ask the Supreme Court to undo a Second Circuit decision reviving the workers’ lawsuit, which accuses the company’s retirement plan committee of failing to protect workers from a 7 percent drop in IBM stock price.

The Second Circuit’s decision was a rare win for employees challenging drops ...