NY fund withdraws political spending lawsuit against Qualcomm
Feb 22 (Reuters) - The New York State Common Retirement Fund said on Friday it withdrew a lawsuit against Qualcomm Inc after the wireless chip company agreed to revise its political spending disclosure policy.
State comptroller Thomas DiNapoli had said on Jan. 3 that New York state's $150-billion public pension fund had sued Qualcomm with an aim of forcing the chipmaker to reveal its political spending.
The suit was filed after Qualcomm refused a request by the fund, a Qualcomm shareholder, to inspect records detailing the use of corporate resources for political activities, DiNapoli said.
The company promised in a joint statement with the fund to post details online about its contributions to political candidates and political parties, as well as its political expenditures to trade groups and other organizations.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video