U.S. Supreme Court tosses lower court ruling that allowed IBM retirement fund suit


FILE PHOTO: A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019. To match Special Report CHINA-CYBER/CLOUDHOPPER REUTERS/Sergio Perez/File Photo

WASHINGTON (Reuters) – The U.S. Supreme Court on Tuesday threw out a lower court ruling that allowed a lawsuit to proceed against managers of a retirement fund for IBM Corp(IBM.N) employees centering on allegations that officials failed to disclose that IBM’s microelectronics business was over-valued.

The justices sent the case back to the lower court for a further legal analysis. IBM is not a defendant in the lawsuit filed in New York federal court by plaintiffs who were participants in IBM’s retirement plan.

Reporting by Lawrence Hurley; Editing by Will Dunham

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