Now Intel taken to US Supreme Court over retirement fund gripes: Ex-staffer demands right to sue over risks, losses

www.theregister.co.uk | 6/10/2019 | Staff
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The US Supreme Court will dig into an Intel retirement plan that one unhappy former staffer says wrongly invested in risky funds and led to big losses in his savings.

On Monday, America's highest court said it would look at the case after Chipzilla lost a Ninth Circuit appeal over the issue. Intel is arguing that the lawsuit should be thrown out altogether because the would-be retiree took too long to sue.

Decision - Case - Heels - Tech - Retirement

The decision to accept the case follows close on the heels of another big tech retirement case: last week the Supreme Court agreed to hear a case between IBM and its unhappy employees who have also accused the company of mishandling their retirement savings.

In the IBM case, the staffers also allege that the wrong stocks were invested in. Except this time, rather than risky private equity investments or hedge funds, it was in IBM's own stock – something the plan's funders say was overvalued and the tech giant's staff knew it.

Case - Supreme - Court - Giants - Employees

In neither case will the Supreme Court actually decide whether the tech giants have screwed their own employees but it will decide whether the cases should move forward.

In the Intel case, the chipmaker is arguing that the man suing them – former employee Christopher Sulyma – took longer than three years to act and so the whole case should be thrown out under a statute of limitations. It argues that Sulyma received a booklet outlining how the retirement fund would be managed and that marked the beginning of a three-year clock on being able to sue.

Sulyma - Clock - Someone - Investments - Wise

Sulyma, unsurprisingly, does not agree, and argues that the clock should only start when someone knows what specific investments have been taken and that they were not a wise choice. He is fuming about a decision by Intel's Retirement Plans Investment Policy Committee to change...
(Excerpt) Read more at: www.theregister.co.uk
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