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NY pension fund sues Qualcomm
The New York State Common Retirement Fund has filed a suit in a Delaware court against Qualcomm Inc. for the right to audit the company's books and records to conclude how shareholder funds are being spent for political purposes.
“As a shareholder in public corporations, the Fund has a right to be properly informed about the use of corporate funds to influence the political process,” state comptroller Thomas P. DiNapoli said in a statment.
“Without disclosure, there is no way to know whether corporate funds are being used in ways that go against shareholder interests. The Fund has taken a leadership role in pressing the issue of disclosure of political spending since the Supreme Court’s Citizens United decision. Shareholders have a right to know how Qualcomm spends money in the political arena.”
The complaint comes after Qualcomm refused the fund’s request to inspect the company’s records relating to the use of corporate resources for political activities.
