Rare Win for Stock Drop Participants – NAPA

The participant-plaintiffs in a stock drop case have won a rare victory in federal court. The plaintiffs alleged that the IBM defendants (IBM itself, along with the Retirement Plans Committee of IBM; Richard Carroll, IBM’s Chief Accounting Officer; Martin Schroeter, IBM’s CFO; and Richard Weber, IBM’s general counsel) failed to prudently and loyally manage the …

Appeals court overturns dismissal in IBM stock-drop case – Pensions & Investments

A federal appeals court in New York ruled against International Business Machines Crop., overturning a lower court dismissal of a lawsuit by IBM 401(k) plan participants, who alleged plan managers violated their fiduciary duties. The three-judge appellate court panel reversed and remanded a September 2017 dismissal by a District Court judge regarding a company stock …

Zamansky LLC Investigates GPB Capital Holdings Private Funds

On December 18, 2018, media reports revealed that Massachusetts’ securities regulators are investigating GPB Capital Holdings, which sold approximately $1.8 million of its private funds. The funds were sold through independent brokerage firms that reportedly received 10% commissions for pushing these funds on investors. These investments, however, were highly speculative and risky private placements that …

Surprise IBM Stock-Drop Ruling Puts Fiduciaries on Notice – Bloomberg Law

Win or lose, the distressed workers challenging IBM’s handling of its overinflated stock-filled retirement plan have opened a door for others pursuing similar fraud cases. The U.S. Court of Appeals for the Second Circuit’s recent decision to resuscitate the years-old case of Jander v. Retirement Plans Committee of IBM is a rare victory in a …

2nd Circ. Gives IBM Workers A Second Chance At ERISA Row – Law 360

A Second Circuit panel on Monday gave a proposed class of IBM employees another shot at proving the company improperly invested workers’ retirement savings in overpriced IBM stock, saying a New York federal judge shouldn’t have tossed claims that the alleged actions flouted the Employee Retirement Income Security Act. The workers provided adequate support for …

IBM Workers Win Rare Revival of Lawsuit Over Stock Price Drop – Bloomberg Law

International Business Machines Cop. workers who accused the company of failing to protect their retirement savings from a 7 percent drop in IBM stock price convinced a federal appeals court to revive their lawsuit. The decision is a rare win for 401(k) investors in a series of Employee Retirement Income Security Act cases that have …

Elon Musk’s Settlement With The SEC Is A Warning Shot For CEOs

Perhaps the biggest complaint by investors following the 2008 financial crisis was that not a single Wall Street executive was held accountable for their misdeeds. People were upset, angry and annoyed. After all, Wall Street banks nearly led to the  collapse of the global financial system. Indeed, the fall of Lehman Brothers, Bear Stearns and …

Phan, et al., v. Ivy Investment Management Company, et al. – NOTICE OF PENDENCY AND SETTLEMENT OF SHAREHOLDER DERIVATIVE ACTION

Please find below the Amended Stipulation and Agreement of Settlement and the Amended Notice of Pendency and Settlement of Shareholder Derivative Action in Phan, et al., v. Ivy Investment Management Company, et al., Case No. 16CV02338, pending in the District Court of Johnson County, Kansas.   DOCUMENT LINKS: Amended Stipulation and Agreement of Settlement Amended …