High Court Kicks IBM Stock-Drop Case Back To 2nd Circ.
Law360 (January 14, 2020, 10:23 AM EST) -- The U.S. Supreme Court has punted on the question of whether companies with their own stock in employee retirement plans have an ERISA-imposed obligation to act on insider information that could lower the stock’s price, but Tuesday’s ruling in a case involving IBM offers insight into how the court might answer in the future.
IBM’s retirement committee members are accused of failing to disclose the $2.2 billion collapse of IBM’s microelectronics business from the public until the company rid itself of the unit. (AP) In concurring opinions issued alongside a per curiam decision, which remanded the case to the Second Circuit...
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