A pension fund with a large stake in IBM is suing the company for colluding with the NSA and lobbying for the right to spy on Chinese customers. The Louisiana Sheriffs' Pension & Relief Fund claims that the company's behavior resulted in a $12.9 billion drop in its market cap.
IBM lobbied Congress hard to pass a law letting it share personal data of customers in China and elsewhere with the U.S. National Security Agency, in a bid to protect its intellectual property rights, according to a complaint filed in the U.S. District Court in Manhattan.
The plaintiff in the complaint, Louisiana Sheriffs' Pension & Relief Fund, said this threatened IBM hardware sales in China, particularly given a program known as Prism that let the NSA spy on that country through technology companies such as IBM...
...IBM shares fell 6.4 percent on October 17, wiping out $12.9 billion of the Armonk, New York-based company's market value.
Lawsuit accuses IBM of hiding China risks amid NSA spy scandal [Jonathan Stempel/Reuters]
This is sure an interesting Friday, with Reddit and Facebook and now Amazon CEOs and founders speaking about Black Lives Matter and the protests surrounding the police killing of George Floyd.
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“I will use future gains on my Reddit stock to serve the black community, chiefly to curb racial hate”
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