February 22, 2013 / 1:00 PM / in 5 years

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.

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