IBM to Appeal Retirement Plan Stock Suit to Supreme Court

Jan. 25, 2019, 1:39 PM

International Business Machines Corp. will ask the U.S. Supreme Court to undo a decision reviving a proposed class action by 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 in favor of IBM employees “cannot be reconciled” with decisions by other federal appeals courts, IBM told the Second Circuit Jan. 24. IBM asked the court to delay enforcing this decision so the company can file a petition with the Supreme Court.

The ruling was a rare win for 401(k) investors in a series of Employee Retirement ...

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