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IBM Gets Chamber Backing in Supreme Court 401(k) Stock Fight

April 9, 2019, 1:55 PM

International Business Machines Corp. received support from the business community in its quest to have the U.S. Supreme Court hear a case challenging the IBM stock in the company’s 401(k) plan.

A trio of industry groups led by the U.S. Chamber of Commerce joined IBM in urging the Supreme Court to undo a Second Circuit decision that revived a lawsuit against the company. The Second Circuit allowed IBM employees who said they lost out on retirement savings when the company’s stock price fell 7 percent to move forward with claims under the Employee Retirement Income Security Act.

This decision will...

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