The internal pension fund manager at Intel Corporation breached its fiduciary responsibility by investing in “risky and high-cost” hedge funds, a former Intel employee is charging in a lawsuit. The legal challenge comes as earlier this year Intel hired AllianceBernstein to manage the pension’s investments, in part citing the desire to release it of fiduciary responsibility over decisions and to streamline operations.
Employee files suit against Intel in California court
The suit, filed by former employee Christopher M. Sulyma in U.S. District Court in San Jose, CA Thursday, was first reported by Pensions and Investments Magazine.
“The investment committee's allocation decisions not only deviated greatly from prevailing...
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