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 January 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.
(Reporting By Sinead Carew; Editing by Gerald E. McCormick)