Shareholder lawsuit against Intel tossed out
WILMINGTON, Del. — A judge has tossed a lawsuit that accuses Intel Corp.’s directors of ignoring signs of allegedly monopolistic behavior.
U.S. District Court Judge Joseph Farnan in Delaware ruled that the lawsuit didn’t offer evidence about “what the directors actually knew about the ‘red flags’ and how they responded to them.”
Farnan wrote in his decision Thursday that the plaintiffs’ legal strategy “is little more than to catalog the ongoing investigations into Intel’s alleged wrongdoing, and then assert that the thickness of the catalog demonstrates that Intel’s conduct was so egregious and widespread” that the directors are personally liable.
The lawsuit was filed on behalf of all Intel shareholders. A lawyer for the plaintiffs declined to comment.
Intel still faces 80 class-action lawsuits filed on behalf of consumers.
Intel is being sued by rival Advanced Micro Devices Inc. over claims it bullied PC makers into buying more Intel chips. Intel has been fined a record $1.45 billion by the European Union for allegedly violating antitrust laws there.
(This version corrects that ruling was Thursday instead of Friday.)