Several of Intel Corp.‘s internal committees are in the crosshairs of a proposed class action targeting the hedge fund investments held by the technology company’s retirement plans.

The Aug. 9 lawsuit accuses the Intel defendants of investing billions of dollars of retirement savings in “unproven and unprecedented” investment strategies that relied on expensive, low-performing, and opaque hedge funds. This was a drastic departure from industry standards and caused “billions of dollars” in lost retirement savings, the lawsuit claims.

The allegations echo those raised in Intel Corp. Inv. Policy Comm. v. Sulyma, which the U.S. Supreme Court recently agreed...