WASHINGTON (Reuters) – 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 avoid a suit accusing it of unlawfully making high-risk investments that cost retirement plan beneficiaries hundreds of millions of dollars.
FILE PHOTO: U.S. chipmaker Intel Corp’s logo is seen on their “smart building” in Petah Tikva, near Tel Aviv, Israel December 15, 2019. Picture taken December 15, 2019. REUTERS/Amir Cohen/File Photo
The justices unanimously upheld a lower court decision that revived the proposed class-action lawsuit filed in 2015 by former Intel engineer Christopher Sulyma against the Santa Clara, California-based chipmaker. The justices rejected Intel’s argument that Sulyma’s lawsuit had been filed too late.
At issue was the time period for bringing a lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA), a federal law that requires plan managers…
Source Reuters Tech News