Intel breached its fiduciary duties by (a) investing a significant portion of the Plans’ assets in hedge fund and private equity investments which presented unconventional, significant and undue risks and unduly high fees and costs, and (b) adopting asset allocation models and asset allocations for participant accounts that departed dramatically from prevailing standards employed by professional investment managers and plan fiduciaries. These misguided and imprudent investment decisions by the fiduciaries of the Plans caused the Plans and many of their respective participants to suffer massive losses and enormous excess fees. Read the Complaint here.
Class Legal Team
Joseph Barton of Block & Leviton LLP, Greg Porter of Bailey & Glasser LLP and Major Khan of MKLLC Law.
On December 29, 2017 we Appealed to the US Court of Appeals the District Court’s March 31, 2017 Order Dismissing the case in Intel’s favor.
On November 28, 2018, Appeals Court reversed the District Court & ruled in favor of Plaintiff, reinstating the case to the District Court to move forward. Read the Appeals Court Decision here.
What this means
An important win for Plaintiff Intel 401(k) participants as the case can now resume in the District Court.
What to expect next
Although Intel may again appeal, this time to the U.S. Supreme Court, or file additional motions to try to dismiss the case, pressure will increase on Intel as we will move into the discovery phase to get documents & take the depositions of key Intel defendants. Bottom line, we are moving closer to recovering damages for Plaintiff Intel 401(k) participants.
Who can join this class action?
Any current or former Intel employee who, over the past six (6) years participated in either the Intel 401(k) Savings Plan or the Intel Retirement Contribution Plan.
What if I signed a severance agreement with a release of claims?
Severance agreements generally cannot prevent you from being part of a class action or a being a class representative in this type of case. Please contact us if you have more questions on your specific severance agreement.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
How can I help and/or participate?
- We are interested in reviewing documents you can download from the Intel Corporation website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to blackout any personal data
Please email these to firstname.lastname@example.org or fax to 646-546-5755.
- Refer other affected Intel Corporation employees by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Please feel free to email email@example.com or call 646-546-5664 with any additional questions.