IBM Settles Pension Suit, to Take Charge
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International Business Machines Corp. has settled portions of an ongoing lawsuit related to pensions, and will take a charge of &#36;320 million in the current quarter, the technology company said on Wednesday.
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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 that a settlement could cost up to &#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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The enterprise software company strikes a sizeable deal to get back on track.
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IBM will take a $320m (Â£178m) charge this quarter to settle some claims and cap its liability on others in a long-running class-action dispute about changes made in the 1990s to its pension plan.
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General Electric Co. yesterday agreed to a settlement with the Securities and Exchange Commission, which accused the company of failing to provide shareholders with enough information about the retirement perks provided to former chief executive Jack Welch.
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International Business Machines Corp. said yesterday it will pay at least $300 million to settle part of a lawsuit that claimed the firm&#39;s pension plan discriminated against older workers.
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Legal action was taken against IBM concerning its conversion to a controversial cash-balance pension plan. Under the terms of the agreement, IBM will pay at least $300 million to settle certain claims in the complex lawsuit.
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IBM has signed a 7-year, $969 million  contract with British bank Lloyds TSB to supply it with  Internet telephony and data services, The U.S.-based computer  giant said on Monday.
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IBM (Quote, Chart) has agreed to pay $300 million to settle most of the claims in a class action lawsuit related to its pension plan, the company announced today.
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By Anne Krishnan, The News & Observer, Raleigh, N.C.  Mar. 8--IBM wants workers to be prepared when it freezes its pension fund next year and switches workers into investments they will have to manage themselves.
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Software giant settles with Novell and the CCIA, ending years of legal wrangling.
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Delta Air Lines agreed Monday to partly compensate the Pension Benefit Guaranty Corporation for taking over its pilot pension plan.
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International Business Machines Corp., the world&#39;s largest computer maker, said it will settle part of a federal lawsuit that claimed the company&#39;s pension plan discriminated against 130,000 older workers.
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IBM IBM.N will offer future  employees a 401(k) pension plan instead of a fixed pension, the  company said on Thursday, backing away from a controversial  policy that reduced retirement payouts and stirred employee  ire.
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IBM will take a $320 million charge this quarter to settle some claims and cap its liability on others in a long-running class-action fight over changes made to its pension plan in the 1990s.
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International Business Machines Corp. has settled portions of an ongoing lawsuit related to pensions, and will take a charge of $320 million in the current quarter, the technology company said on Wednesday.