Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

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 ...