US Supreme Court to hear IBM retirement fund dispute

US Supreme Court to hear IBM retirement fund dispute

The U.S. Supreme Court on Monday agreed to weigh whether managers of a retirement fund for IBM Corp employees that invested in the company's stock can be sued for failing to disclose that its microelectronics business was overvalued.

A man stands near an IBM logo at the Mobile World Congress in Barcelona
A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez

WASHINGTON: The U.S. Supreme Court on Monday agreed to weigh whether managers of a retirement fund for IBM Corp employees that invested in the company's stock can be sued for failing to disclose that its microelectronics business was overvalued.

The justices will hear an appeal by IBM's retirement plan of a lower court ruling allowing the litigation to proceed. IBM is not a defendant in the case.

(Reporting by Lawrence Hurley; Editing by Will Dunham)

Source: Reuters

Bookmark