IBM ESOP Fiduciary Duty Case Stayed Pending Settlement Agreement

Mealey's (February 26, 2021, 12:41 PM EST) -- NEW YORK — A case by participants in an International Business Machine Corp. (IBM) employee stock option plan (ESOP) who accuse the plan’s fiduciaries of violating the Employee Retirement Income Security Act by continuing to invest funds in IBM common stock despite their insider knowledge that the stock price was artificially inflated was stayed Feb. 25 by a federal judge in New York to allow the parties to finalize details of a settlement....