Supreme Court Returns IBM Retirement Plan Case to Lower Court
Supreme Court Returns IBM Retirement Plan Case to Lower Court
(Bloomberg) -- The U.S. Supreme Court returned a case over International Business Machines Corp. retirement plans to a lower court, telling it to decide whether to consider new arguments being made by company officials and the Trump administration.
The lawsuit claims IBM plan managers didn’t do enough to protect employees from stock losses stemming from a money-losing chip manufacturing unit.
IBM officials say the suing employees needed to be more specific in their lawsuit about how administrators could have shielded the plan from the stock drop.
The case is Retirement Plans Committee of IBM v. Jander, 18-1165.
To contact the reporter on this story: Greg Stohr in Washington at gstohr@bloomberg.net
To contact the editor responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net
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