IBM sets $320M pension suit charge
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SAN FRANCISCO (CBS.MW) -- IBM Corp. said Wednesday it would take a $320 million charge toward its third-quarter earnings as part of an agreement to resolve certain claims in a lawsuit brought against its pension plan.
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IBM Corp. and plaintiffs challenging the legality of its pension plan agreed to a deal Wednesday that settles most claims and caps the company's potential liability at &#36;1.7 billion. The company previously had estimated a settlement could cost as much as &#36;6.5 billion.
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IBM said Wednesday it had agreed to pay $320 million to its employees to settle in part a class-action lawsuit over its pension plan in a case that will affect millions of workers at many companies and nonprofits.
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In documents filed Friday with the U.S. District Court for the District of Utah, IBM sought the dismissal of a major component of the lawsuit filed against it last year by The SCO Group.
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IBM will pay out $320 million to settle part of a class-action lawsuit relating to its pension plan. The settlement does not, however, address the critical issue of whether the companyâs controversial cash
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IBM's personal computer division racked up $965 million in losses between Jan. 1, 2001, and June 30, 2004, the company said in a filing to the U.S. Securities and Exchange Commission.
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Oct. 11 issue - IBM retirees will get their cash, but what&#39;s it to you? It&#39;s too soon to tell. Last week IBM agreed to pay $300 million to settle old pension claims, and agreed to pay $1.
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I.B.M. said that it had agreed to pay $320 million to its employees to settle in part a class-action lawsuit over its pension plan.
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The suit, filed against the National Education Association, reflects heightened concern among retirement plan participants that excessive fees are diminishing their savings and enriching financial services firms.
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Not admitting liability IBM is paying up to $65m in backdated overtime pay to 32,000 US-based techies,to settle a federal class action suit.â¦
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The judge presiding over a massive pension suit against IBM, which could cost the company more than &#36;6.5 billion, agreed to a short delay while settlement talks continue.
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Lenovo, China&#39;s largest personal computer maker, will pay US$1.75 billion (HK$13.65 billion) in cash, stock and assumed debt for IBM&#39;s struggling PC operations in a move that will make it the world&#39;s third-biggest PC manufacturer and fulfil its long-held
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US computer giant IBM agrees a deal with lawyers representing staff who fear the company's pension plan discriminates against older workers.
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Information technology giant IBM said it agreed to pay 65 million dollars to settle a class action lawsuit concerning overtime pay.
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NEW YORK -- IBM said Friday it is in talks to settle a mammoth lawsuit alleging a pension plan adopted by the firm in the 1990s discriminated against 140,000 older workers.
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IBM said Friday it is in talks to settle a mammoth lawsuit alleging a pension plan adopted by the firm in the 1990s discriminated against 140,000 older workers.
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IBM Global Services has won a 10-year MYR 425m ($122m) IT services contract with Malaysian financial services group Affin Bank Bhd.