IBMofficials contend in their appeal that the suing employees neededto be more specific in their lawsuit. (Photo:Shutterstock)
The U.S. Supreme Court will use a case involving International Business Machines Corp. toconsider making it harder for workers to sue when their retirementplans lose money because the employer's stock price falls.
|The justices said they will scrutinize a lawsuit that claimsIBM plan managers didn't do enough to protectemployees from stock losses stemming from a money-losing chipmanufacturing unit. The company agreed in 2014 to payGlobalFoundries Inc. $1.5 billion to take the unit, triggering a$12.95 one-day drop in IBM shares.
|A New York-based federal appeals court let the lawsuit goforward.
|IBM officials contend in their appeal that the suing employeesneeded to be more specific in their lawsuit about howadministrators could have shielded the plan from the stockdrop.
|The case is Retirement Plans Committee of IBM v. Jander,18-1165.
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|Copyright 2019 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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