IBM Committee Settles 401(k) Stock Drop Suit After SCOTUS Trip

IBM Corp.‘s retirement plan committee has settled an ERISA lawsuit challenging a 7% drop in company stock price, plan participants told a Manhattan federal judge. The six-year-old case has spawned one U.S. Supreme Court decision and two rulings by the Second Circuit.

The parties reached an agreement in principle following mediation and plan to submit a schedule for the settlement approval process next month, plan participants told Judge William H. Pauley III of the U.S. District Court for the Southern District of New York in a letter docketed Tuesday.

The case seeks to hold IBM corporate insiders liable under the...