Anderson v. Intel Corp. Inv. Policy Comm.

Anderson v. Intel Corp. Inv. Policy Comm.

Opinion

ORDER GRANTING DEFENDANTS' MOTION TO DISMISS COUNTS I-VI OF PLAINTIFFS' FIRST AMENDED CONSOLIDATED CLASS ACTION COMPLAINT

Re: Dkt. No. 117

Plaintiffs Winston Anderson and Christopher Sulyma (collectively, "Plaintiffs"), on behalf of themselves and all others similarly situated, bring this action against twenty-one individual Defendants and three committees of the Intel Corporation, [*5]  Inc. (collectively, "Defendants"), alleging violations of the Employee Retirement Income Security Act ("ERISA"). Before the Court is Defendants' motion to dismiss Counts I-VI of Plaintiffs' First Amended Consolidated Class Action Complaint, ECF No. 117 ("Mot."). Having considered the parties' briefing, the relevant law, and the record in this case, the Court GRANTS with prejudice Defendants' motion to dismiss Counts I-VI of Plaintiffs' First Amended Consolidated Class Action Complaint.

I. BACKGROUND

A. Factual Background

1. The Parties

Plaintiff Anderson is a former employee of the Intel Corporation, where Anderson worked from 2000 to 2015. First Amended Consolidated Class Action Complaint, ECF No. 113 ¶ 19 ("FAC"). Through his employment with Intel, Plaintiff Anderson participated in the Intel 401(k) Savings Plan and the Intel Retirement Contribution Plan (collectively, "the Intel Plans"). Id. Plaintiff Sulyma is also a former employee of the Intel Corporation, where Sulyma worked from 2010 to 2012. Id. ¶ 20. Through his employment with Intel, Plaintiff Sulyma was a participant in the Intel Plans. Id.

Plaintiffs name the following committees and individuals as defendants in this action: the Intel Corporation Investment Policy Committee [*6]  ("the Investment Committee") and its members;² the Intel Retirement Plans Administrative Committee ("the Administrative Committee") and its members;³ the Finance Committee of the Intel Corporation Board of Directors ("the Finance Committee" and its members;⁴ and the Chief Financial Officers of the Intel Corporation ("the Chief Financial Officers").⁵Id. ¶¶ 21-49. Additionally, Plaintiffs named the Intel 401(k) Savings Plan and the Intel Retirement Contribution Plan as nominal defendants. Id. ¶¶ 50-51.

Before January 1, 2018, the "Investment Committee Defendants had the authority, discretion, and responsibility to select, monitor, and remove or replace investment options" in the Intel Plans. Id. ¶ 132. Effective January 1, 2018, the "Global Trust Company" allegedly was appointed to serve as trustee for the Intel Plans. Id. ¶ 5. The Investment Committee and the Administrative Committee are both named fiduciaries of the Intel Plans. Id. ¶¶ 21, 28.

Full case includes Shepard's, Headnotes, Legal Analytics from Lex Machina, and more.