A pension and relief fund that sued IBM for failing to warn investors of loss of business in China because of its alleged involvement with spying by the U.S. National Security Agency has voluntarily withdrawn the lawsuit in a New York court. The Louisiana Sheriffs’ Pension and Relief Fund has decided to voluntarily dismiss the action after additional investigation into the matters alleged, which included investigations in the U.S. and China and discussions with the defense counsel.
An IBM Corp shareholder has voluntarily ended a lawsuit accusing the company of concealing how its cooperation with a National Security Agency spying program cost it business in China and led to a nearly $13 billion plunge in the company’s market value. The dismissal follows “an extensive additional investigation into the matters alleged, which included investigations conducted in the United States and China, as well as information obtained through discussions with defense counsel,” John Browne, a lawyer for lead plaintiff Louisiana Sheriffs’ Pension & Relief Fund in Baton Rouge, said in a letter made public on Monday. It was not immediately clear what the investigation uncovered or what the information contained. Browne, a partner at Bernstein, Litowitz, Berger & Grossmann, declined to comment.