Supreme Court rules against Intel, allows retirement plan suit
Intel Corp violated the law by making high-risk investments that cost retirement plan beneficiaries hundreds of millions of dollars
WASHINGTON — The U.S. Supreme Court on Wednesday refused to back stricter deadlines for workers to sue retirement plans over alleged mismanagement, ruling Intel Corp cannot void a lawsuit accusing it of violating federal law by making high-risk investments that cost retirement plan beneficiaries hundreds of millions of dollars.
Ticker | Security | Last | Change | Change % |
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INTC | INTEL CORP. | 43.77 | +1.78 | +4.24% |
In a unanimous ruling, the justices upheld a lower court decision that revived the proposed class-action lawsuit by former Intel engineer Christopher Sulyma against Intel. The justices rejected the tech company’s argument that Sulyma’s lawsuit had been filed too late.