FILE PHOTO: A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019. To match Special Report CHINA-CYBER/CLOUDHOPPER REUTERS/Sergio Perez/File Photo
The justices sent the case back to the lower court for a further legal analysis. IBM is not a defendant in the lawsuit filed in New York federal court by plaintiffs who were participants in IBM’s retirement plan. The plaintiffs said the Retirement Plans Committee of IBM, which oversaw the fund, knew or should have known that the business was over-valued and made disclosures to lower the risk of an artificially high stock price and a painful correction once the problems in the unit were made public. The committee’s members included senior IBM executives.
The plaintiffs sued the committee and its members in 2015. A federal judge dismissed the complaint in 2016. The New York-based U.S. Circuit Court of Appeals in 2018 revived the litigation, prompting the retirement plan committee to appeal to the Supreme Court.
Systemic failure.
Using ‘throws out’ would have made this headline understandable by many more people.
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