$4.75M Settlement Reached In IBM ESOP Fiduciary Duty Case

Mealey's (April 7, 2021, 10:52 AM EDT) -- NEW YORK — Participants in an International Business Machine Corp. (IBM) employee stock option plan (ESOP) who accused 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 filed a motion April 2 in a federal court in New York seeking preliminary approval of a $4.75 million class settlement....