The Complaint alleges that, during the class period, the Investment Committee’s allocation decisions strayed from usual asset allocation models and also exposed the Plans and their participants to unnecessary expenses and poor performing investments in hedge and private equity funds. The Complaint alleges that these imprudent investments caused the Plans and their participants to suffer hundreds of millions of dollars in losses. The Complaint also alleges that the Administrative Committee, which was responsible for keeping participants in the Plans informed, failed to adequately notify participants of the risks, fees, and expenses associated with investment in hedge funds and private equity.

This lawsuit is brought on behalf of the following Class:

All participants in the Intel Retirement Contribution Plan and the Intel 401(k) Savings Plan, whose accounts were invested in any one of the Intel Target Date Funds, the Intel Global Diversified Fund, or the Intel 401K Global Diversified Fund at any time on or after October 29, 2009.

Excluded from the Class are the following persons: (a) Defendants, (b) any fiduciaries of the Plans; (c) any officers or directors of Intel; and (d) any member of the immediate family of and any heirs, successors or assigns of any such excluded party.

The Complaint was filed with the District Court on October 29, 2015. Plaintiff filed a Consolidated Complaint on April 26, 2016. On May 26, 2016, Defendants filed a Motion to Dismiss, which the Court denied, on August 18, 2016, but converted one portion of the Motion into a summary judgment motion and ordered targeted discovery on whether Plaintiff’s claim is barred by the statute of limitations. After the parties completed discovery on that issue, on March 31, 2017, the Court granted Defendants’ motion for summary judgment as to Plaintiff’s claim.

Plaintiff filed a Notice of Appeal to the 9th Circuit Court of Appeals on April 24, 2017. The 9th Circuit Court of Appeals issued a decision on November 28, 2018, reversing the District Court’s summary judgment decision. On February 26, 2019, Defendants petitioned the United States Supreme Court to review the judgment of the Ninth Circuit. After the Supreme Court granted the petition for a writ of certiorari on June 10, 2019 and held oral argument on December 4, 2019, the Supreme Court issued an opinion upholding the Ninth Circuit’s decision on February 26, 2020.

After the case was remanded to the District Court, Plaintiffs filed a Consolidated Complaint on June 24, 2020. Defendants filed a Motion to Dismiss on July 22, 2020. The Court granted the Motion to Dismiss on January 21, 2021 without prejudice and allowed Plaintiffs to file an Amended Consolidated Complaint.

Plaintiffs filed an Amended Consolidated Complaint on March 22, 2021. Defendants filed a Motion to Dismiss the Amended Consolidated Complaint on May 5, 2021.

After resolving the remaining individual claim of Plaintiff Anderson, Plaintiffs filed a Notice of Appeal on August 17, 2022, appealing the January 21, 2021 and January 8, 2022 decisions on the motions to dismiss. The United States Court of Appeals for the Ninth Circuit affirmed the district court’s decision on May 22, 2025. Plaintiffs filed their opening appellate brief on February 7, 2023.

The Supreme Court granted a petition for a writ of certiorari on January 16, 2026.

Order Denying Motion for Judgment on Pleadings (Count VII) – May 13, 2022

Order Granting Motion to Dismiss Amended Consolidated Complaint – January 8, 2022

Amended Consolidated Complaint – March 22, 2021

Order Granting Motion to Dismiss Consolidated Complaint – January 21, 2021

Consolidated Complaint – June 24, 2020

Supreme Court Opinion – February 26, 2020

9th Circuit Opinion – November 28, 2018

Intel Case Sets Up Justices To Tackle 401(k) Benchmarks, Law360

High Court Takes Up Intel Workers’ Bid To Revive 401(k) Suit, Law360