Investigation of Retirement Plan Mismanagement and the Mass Layoffs at IBM
Sanford Heisler Sharp McKnight, a national employment rights law firm, is investigating potential retirement plan mismanagement at IBM and other violations of employee rights surrounding IBM’s mass layoffs. In addition to mismanagement of IBM’s employee 401(k) plan, we are investigating potential wrongful termination claims and violations of the WARN Act. If you were laid off by IBM and you believe your rights may have been violated, or have concerns about the performance of your IBM retirement plan, please contact our firm today.
Potential Employee Retirement Income Securities Act (ERISA) Violations
We are investigating IBM for potential violations of federal law in the management of their 401(k) plan. The Employee Retirement Income Security Act (ERISA) requires plan administrators and fiduciaries to manage plans solely in the interest of participants and beneficiaries, strictly adhering to duties of prudence, loyalty, and care. While employers and their fiduciaries have discretionary control over how a plan is invested, mismanagement occurs when they fail to act in the best interest of plan participants.
We regularly litigate against Fortune 500 companies for breaches of ERISA, helping plan participants and beneficiaries recover hundreds of millions in lost retirement savings. In 2024 alone, our ERISA Litigation attorneys secured over $100 million in settlements, including a $61 million settlement with General Electric (“GE”) for claims of ERISA violations in the management of its employee 401(k) plan.
AI, Layoffs at IBM, and NDAs
According to some news reports, the company’s next round of layoffs may take place as soon as November 18, 2024 and will likely impact thousands of IBM employees. These reports also suggest that AI is in part behind some of IBM’s layoffs, as the company plans to replace thousands of “non-customer-facing back-office” roles.
In circumstances where companies lay off employees, it is not uncommon for loyal, skilled, and highly performing employees who have dedicated their careers to a company to be persuaded to sign non-disclosure agreements (NDAs) to keep the details of their layoff from becoming public.
Our Attorneys Represent Employees at Tech Companies, Law Firms, and Organizations That Wrongfully Terminate Their Employees
Sanford Heisler Sharp McKnight specializes in advocating for working-class professionals’ and C-suite executives’ employment rights. Most of the matters we handle are settled confidentially before a lawsuit is ever filed.
We have negotiated hundreds of millions of dollars in pre-suit settlements for individuals with claims against their former employers in various industries, including finance, legal, medical, biotech, fashion, consulting, telecommunications, pharmaceutical, and technology.
Our attorneys understand the complexities involved in bringing a claim against your former employer, and our communications with an employer’s counsel remain private throughout the phases before a complaint is filed that lead to settlement. In the event we need to and agree to file your case, we would commit all of the resources necessary to ensure a level playing field and put on the strongest case possible at trial.
