IBM filed a notice in federal court signaling that it may be trying to reach a resolution on parts of a multibillion-dollar dispute over its cash balance plan. The notice formally advises the U.S. District Court for the Southern District of Illinois that IBM and Kathi Cooper, who brought the original age discrimination lawsuit against IBM that later became a class action, are "in discussions regarding a possible resolution of some of the remedies issues and/or claims in the suit and seeks a postponement of the judge's anticipated decision." The company continues to vigorously defend the legality of its cash balance pension plan, and reiterated that it will appeal the court's decision.
In July 2003, the federal district court ruled that IBM's cash balance plan discriminated against older workers. The court did not rule on how much IBM owed the plaintiffs.
The SEC received about 100 comments on its proposed hedge-fund regulation changes during the agency's public comment period. Respondents were divided between support and opposition to the plan, which would require most hedge fund managers to register with the SEC, along with more disclosure.
The Managed Funds Association, the primary hedge fund industry group, along with the U.S. Chamber of Commerce, wrote strong letters of opposition.
The Investment Company Institute, the mutual fund industry's main lobbying group, supported efforts to tighten regulations on hedge funds.