US Supreme Court allows retirement plan lawsuit against Intel
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
FRIDAY, MAY 27, 2022
FRIDAY, MAY 27, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
US Supreme Court allows retirement plan lawsuit against Intel

World+Biz

Reuters
26 February, 2020, 09:35 pm
Last modified: 26 February, 2020, 09:39 pm

Related News

  • Intel becomes latest Western tech firm to suspend business in Russia
  • Intel floats possibility of licensing deals but would TSMC and Samsung be interested?
  • Intel to replace CEO Bob Swan with Pat Gelsinger
  • Intel has few good options as investor demands break-up
  • Intel says new transistor technology could boost chip performance 20%

US Supreme Court allows retirement plan lawsuit against Intel

California-based Intel said that the investments were chosen to better diversify the plans’ portfolios and urged that the case be thrown out

Reuters
26 February, 2020, 09:35 pm
Last modified: 26 February, 2020, 09:39 pm
FILE PHOTO: US 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
FILE PHOTO: US 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 US 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.

In a unanimous ruling, the justices upheld a lower court decision that revived the proposed class-action lawsuit filed 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.

At issue is the time period for bringing a lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA), a federal law that requires plan managers to invest prudently. Beneficiaries generally have six years to sue over ill-advised investment decisions. That deadline is cut to three years if a problem is known sooner.

Sulyma filed suit in 2015 accusing company retirement plans and administrators of breaching their fiduciary duty to the participants by placing an overly heavy emphasis on hedge funds and private equity, in contrast to peer funds.

California-based Intel said that the investments were chosen to better diversify the plans' portfolios and urged that the case be thrown out. The fund participants missed the deadline for filing suit because they knew of the issue more than three years before, based on emails the company had sent with links to documents about the investments, Intel said.

Sulyma, backed by President Donald Trump's administration in the case, countered that while employed at Intel between 2010 and 2012 he was unaware of the alternative investments, that they performed poorly or even what hedge funds were. He said that he did not have "actual knowledge" of the alleged investment problems because he did not read the relevant documents that were only posted online.

The San Francisco-based 9th US Circuit Court of Appeals in 2018 let the case proceed, ruling that the three-year deadline applied only if Sulyma was actually aware of the facts of a violation, not merely that those facts were available.

Intel appealed to the Supreme Court, saying that the 9th Circuit's decision would make it too easy for a plaintiff to sustain a lawsuit simply by asserting "that he did not read the relevant plan documents, or simply that he cannot recall whether he saw them."

During arguments in the case last December, conservative and liberal justices alike expressed sympathy for Sulyma's plight, voicing doubt that most people read investment documents that companies send out.

Intel Corp

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Plucking the poultry: New tax regime for the sector on cards
    Plucking the poultry: New tax regime for the sector on cards
  • Dr Zahid Hussain. Illustration: TBS
    The economics of remittance subsidy
  • The government needs to continue subsidising both agriculture and non-agriculture sectors to keep inflation under control Photo: Mumit M/TBS
    Commodity rally continues

MOST VIEWED

  • The ruins of a Mayan site, called Xiol, are pictured after archaeologists have uncovered an ancient Mayan city filled with palaces, pyramids and plazas on a construction site of what will become an industrial park in Kanasin, near Merida, Mexico May 26, 2022. Picture taken May 26, 2022. REUTERS/Lorenzo Hernandez
    Archaeologists discover ancient Mayan city on construction site
  • People shop at Macy's Department store in New York City, US, March 11, 2019/ Reuters
    Cooling US inflation builds case for September slowdown in Fed rate hikes
  • Australian Prime Minister Anthony Albanese, U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, and Indian Prime Minister Narendra Modi pose for a photo in Tokyo on May 24. ZHANG XIAOYOU - POOL/GETTY IMAGES/Foreign Policy
    The Quad looks west
  • Russian President Vladimir Putin attends a meeting of the leaders of the Collective Security Treaty Organization (CSTO) member states, at the Kremlin in Moscow, Russia May 16, 2022. Alexander Nemenov/Pool via REUTERS
    Putin ready to deliver gas, discuss prisoner swap, Austria's chancellor says
  • Word "Sanctions" is displayed on EU and Russian flags in this illustration taken, February 27, 2022. REUTERS/Dado Ruvic/Illustration
    EU may clinch summit deal to embargo Russian oil shipments
  • U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
    US Treasury pushes Russia towards default: What next?

Related News

  • Intel becomes latest Western tech firm to suspend business in Russia
  • Intel floats possibility of licensing deals but would TSMC and Samsung be interested?
  • Intel to replace CEO Bob Swan with Pat Gelsinger
  • Intel has few good options as investor demands break-up
  • Intel says new transistor technology could boost chip performance 20%

Features

The taboo of dining out alone

The taboo of dining out alone

10h | Food
The perfect time for newborn photography is between the first five and 14 days when a baby’s bones are the most malleable for posing. Photo: Courtesy

Is there a market for newborn photography in the country? Studio Picturerific says yes

10h | Panorama
Pakistan finds itself in political turmoil again as Imran Khan pushes for immediate general elections. Photo: Reuters

Supreme Court of Pakistan: Now a candle in the dark

11h | Analysis
Indulge in Momium’s guilt-free dips and spreads

Indulge in Momium’s guilt-free dips and spreads

11h | Food

More Videos from TBS

Fear of food crisis sets across the globe

Fear of food crisis sets across the globe

6h | Videos
Is Mushfiq refraining from self-destructive shots?

Is Mushfiq refraining from self-destructive shots?

6h | Videos
Kanak is ahead of everyone in Guinness Book

Kanak is ahead of everyone in Guinness Book

11h | Videos
What should your CV cover letter look like?

What should your CV cover letter look like?

13h | Videos

Most Read

1
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

5
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

6
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab