The U.S. Supreme Court on Wednesday refused to back stricter deadlines for worke...
WASHINGTON - 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.
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. Sulyma was backed by President Donald Trump’s administration in the case. Sulyma’s suit accused 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.
Sulyma 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.
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