Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Intel Retirement Plan Class Action Lawsuit Overview:
- Who: A judge permanently dismissed all but one claim from a class action lawsuit against Intel Co.
- Why: Former workers who had retirement accounts with Intel claim the company’s fiduciaires mishandled their accounts.
- Where: The class action lawsuit was filed in California federal court.
All but one claim has been permanently dismissed from a class action lawsuit alleging Intel’s 401k and retirement plan fiduciaries spent billions on high risk and poorly performing investments.
Former workers who filed an amended complaint failed to “cure the deficiencies” needed to keep the class action lawsuit, the judge overseeing the case ruled, according to the order.
Workers were seeking to represent a class of what would have been thousands of Intel retirement plan participants who had their accounts invested in a trio of Intel-related funds after Oct. 29, 2009.
Plaintiff Winston R. Anderson had the lone individual claim allowed to remain from a Employee Retirement Income Security Act class action lawsuit filed against Intel by a group of its former workers, according to the order.
Anderson argued, in a 2019 class action lawsuit that was later consolidated with other workers, that Intel fiduciaries made bad investments with employees’ savings, including in poorly performing hedge funds.
Remaining Claim Involves Allegations Of Improper Delay
The lone claim allowed to remain involves allegations of an improper delay in the provision of documents by an Intel codefendant, which the company decided not to challenge, Law360 reports.
Workers argued Intel didn’t properly monitor their funds, investigate to see if there were better options or invest in portfolios that professionals could manage.
Instead, Intel decided to invest workers’ money in “nontraditional assets” that would benefit the company and simultaneously harm retirement plan participants, according to the order.
The judge dismissed the class action lawsuit last year, however, ruling deficient workers’ claims Intel did not select investments with only the lowest fees and that fiduciaires went away from popular options, Law360 reports.
A separate class action lawsuit was filed against Intel in 2018 over claims the company compromised security for speed when manufacturing its Core i7 processors.
Were your retirement funds mishandled by Intel? Let us know in the comments!
The plaintiffs are represented by R. Joseph Barton and Vincent Cheng of Block & Leviton LLP; Joseph Creitz and Lisa Serebin of Creitz & Serebin LLP; Gregory Y. Porter, Ryan Thomas Jenny, Michael Murphy and Mark George Boyko of Bailey Glasser LLP; and Major Khan of Major Khan LLC.
The Intel Retirement Plan Class Action Lawsuit Overview is Anderson, et al., v. Intel Corporation Investment Policy Committee, et al., Case No. 5:19-cv-04618, in the U.S. District Court for the Northern District of California.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
