Summary of the Lawsuit
This lawsuit, filed in the United States District Court for the Northern District of California, alleges that Defendants breached their fiduciary duties to the participants of the Intel 401(k) Savings Plan and Retirement Plan.
Summary of the Claims
The Complaint alleges that, during the class period, the Investment Committee’s allocation decisions strayed from usual asset allocation models and also exposed the Plans and their participants to unreasonably costly and risky investments in hedge and private equity funds. The Complaint alleges that these imprudent investments caused the Plans and their participants to suffer hundreds of millions of dollars in losses. The Complaint also alleges that the Administrative Committee, which was responsible for keeping participants in the Plans informed, failed to adequately notify participants of the risks, fees, and expenses associated with investment in hedge funds and private equity.
This lawsuit is brought on behalf of the following Classes:
- Participants in Intel’s 401(k) Plan and Retirement Plan whose accounts were invested in Intel target date portfolios (“Intel TDPs”).
- Participants in the 401(k) Plan and Retirement Plan whose accounts were invested in the Intel Global Diversified Fund (“Diversified Fund”).
Status of the Litigation
The Complaint was filed with the District Court on October 29, 2015. Plaintiff filed a Consolidated Complaint on April 26, 2016. On May 26, 2016, Defendants filed a Motion to Dismiss. The Court issued an order denying the motion to dismiss on August 18, 2016, but converted one portion of the Complaint into one on summary judgment and ordered targeted discovery on that issue. The parties are pursuing discovery and Defendants’ motion for summary judgment will be heard on December 14, 2016.
Whom to Contact for More Information
If you are a member of the proposed class or you have information which might assist us in the prosecution of these allegations, please contact one of the following persons:
R. Joseph Barton, Esq., firstname.lastname@example.org
Connor Grant-Knight, Paralegal, email@example.com
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W., Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 (Toll Free) or 202-408-4600