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IBM Takes 401(k) Stock Fight to Supreme Court

March 11, 2019, 1:58 PM

International Business Machines Corp. asked the U.S. Supreme Court to undo a decision in favor of workers who say they lost out on retirement savings when the company’s stock price fell 7 percent.

The Second Circuit’s December 2018 decision reviving the workers’ proposed class action “subverted” the Supreme Court’s newly-created pleading standard and opened a circuit split for cases targeting retirement plans with employer stock investments, the company said in its petition for Supreme Court review, which was docketed March 8.

The decision was a rare win for 401(k) investors in a series of Employee Retirement Income Security Act cases...

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