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IBM 401K Retirement Class Action Settlement

Class Action Settlements

IBM 401K Retirement Class Action Settlement – Are You An Affected Employee?

After Years Of Legal Proceedings, IBM To Settle Allegations That It Harmed Its Employees’ Retirement

IBM is set to pay up $4.5 million worth of funds to settle the class action lawsuit filed against them by aggrieved employees who allege that they violated federal laws protecting retirement benefits and plans. 

The recent settlement between IBM and their employees stemmed from a complaint filed in 2015 by IBM 401(k) participants after the company allegedly dropped stocks that violated the Employee Retirement Income Security Act or ERISA. 

The IBM 401(k) ERISA Class Action Lawsuit argued that IBM violated the law by not informing and protecting IBM 401(k) participants’ best interests when it conducted an asset write-down of one of their units. This unit ended up being sold by the company due to its unprofitability.

The complaint has undergone several hearings in different courts in the country, even ultimately ending up being heard in the chambers of the Supreme Court of the United States, the highest court in the land. 

During the last five years, it bounced back in different courts and has been subjected to a variety of decisions by different judges. 

Due to the very lengthy and expensive legal process, the aggrieved complainants and IBM agreed to enter an agreement in order to avoid exhausting valuable resources in the continuing legal proceedings. 

The settlement details are yet to be finalized and made available to the public. We here at Consider The Consumer will report on the latest developments as soon as the court provides its thumbs up to the agreement’s terms.

Editor’s Note on IBM 401K Retirement Class Action Settlement: 

This feature aims to give you an update regarding the class action lawsuit filed against IBM after it allegedly harmed their employees’ best interests and retirement benefits. 

What are your thoughts on this piece? Please send us a message by clicking the ‘Contact Us’ button below! We’d love to hear back from you. 

Case Name & No.: Jander et al. v. The Retirement Plans Committee of IBM et al.; Case No. Unknown

Jurisdiction: United States District Court for the Southern District of New York 

Products/Services Involved: 401K Retirement Plan

Allegation(s): IBM has conducted actions that ended up jeopardizing its employees’ retirement benefits.

What are your thoughts on this piece? Please send us a message by clicking the ‘Contact Us’ button below! We’d love to hear back from you.  

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