Civil Plaintiff
IBM Agrees To Settle a Long-Running ERISA Stock-Drop Complaint For $4.8M
IBM agreed to pay $4.75 million to settle a long-running ERISA stock-drop complaint by participants in a company 401(k) plan.
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IBM agreed to pay $4.75 million to settle a long-running ERISA stock-drop complaint by participants in a company 401(k) plan.
The preliminary agreement for the class-action suit, which must be approved by U.S. District Judge William H. Pauley III in New York, was filed April 2 with the court by plaintiffs’ attorneys.
The parties said on Feb. 25 that they had reached a tentative agreement but provided no terms.
The settlement will provide “a substantial recovery” to the participants, the proposed settlement document said. “In light of the significant costs and risks of continued litigation, the proposed settlement constitutes a fair, reasonable, and adequate outcome for all parties and is in the best interests of the class.”
