KSF filed an amended ERISA class action complaint on March 2, 2026, against International Business Machines Corporation and certain of its officers and directors in the United States District Court for the Southern District of New York on behalf of participants and beneficiaries of IBM’s 401(k) plan. Plaintiffs allege that defendants breached their fiduciary duties by, among other things, failing to divest underperforming investments, engaging in transactions prohibited by ERISA, using flawed and conflicted processes in connection with the payment of plan expenses, and failing to adequately monitor the administration and management of plan investments. Plaintiffs seek nearly $1.9 billion in alleged damages, as well as lost opportunity costs.

KSF filed the initial complaint in October 2025, and the court granted plaintiffs leave to file the amended complaint in January 2026.