Supreme Court Agrees Intel’s Plea For Retirement Fund Dispute – Market News Store

Supreme Court Agrees Intel’s Plea For Retirement Fund Dispute

On a rather pleasant not for Intel, Supreme Court on Monday agreed to hear Intel’s bid to avoid a lawsuit that accuses them of violating the federal law by making employee retirement plans that made the beneficiaries pay hundreds of millions of dollars. The violation is pretty clear from Intel’s end. However, their argument is based on the time period allotted for retirement plan participants to file a suit against any violation of the Employee Retirement Income Security Act (ERISA).

It all began in 2015, when Christopher Sulyma, a former engineer with Intel, filed a lawsuit in California’s San Jose federal court. Sulyma was employed at Intel from 2010 to 2012, but the law allows beneficiaries to file a lawsuit within three years only if a problem is known sooner. The deadline can be six years as well, only if the beneficiary is not clearly aware of the financial advice given regarding the retirement investment plans. A federal judge ruled the proceeding in Intel’s favor ruling out the case as “untimely” from Sulyma. However, more recently, last year the 9th US Circuit Court Of Appeals gave a ruling in Sulyma’s favor stating that the three year deadline would have been applicable only if Sulyma would have been aware that the investments took place and they were imprudent. Intel’s appeal in the Supreme Court will settle it for once and for all.

Intel will be the second big name facing a hearing in the Supreme Court over retirement fund issues. Last week, justices conducted a hearing for IBM Corp as well over a peculiar retirement fund dispute. The justices agreed to decide that the managers of any fund that has made an investment in the company’s stock, can be sued in case there is a failure in disclosing that its microelectronics was over-priced.

You might also like

Leave A Reply

Your email address will not be published.