Qualcomm Inc., a maker of microchips for communications equipment, was sued by New York State Comptroller Thomas DiNapoli for information about how the company spends investors' money for political purposes.

The lawsuit, made public today in Delaware Chancery Court in Wilmington, was filed by the New York State Common Retirement Fund. It is seeking access to books and records that might shed light on whether contributions are in the best interests of shareholders.

The pension fund, which holds stock in public companies, "has a right to be properly informed about the use of corporate funds to influence the political process," DiNapoli said today in a statement. DiNapoli said he sued after San Diego-based Qualcomm refused to turn over the data.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.