IBM Wants Stock-Drop Ruling Revisited by Full Second Circuit

International Business Machines Corp. want a federal appeals in New York to revisit a ruling that revived a lawsuit by workers accusing the company of failing to protect their retirement savings from a 7 percent drop in company stock.

Earlier this month, the U.S. Court of Appeals for the Second Circuit handed IBM workers a rare win by reviving their Employee Retirement Income Security Act lawsuit.

Following the U.S. Supreme Court’s 2014 decision in Fifth Third Bancorp v. Dudenhoeffer, courts have consistently rejected lawsuits by 401(k) investors challenging drops in company stock involving companies such as RadioShack, Wells ...