A Little Friday File Fun

In Los Angeles, California, authorities questioned the back-injury disability pay for a police officer after seeing a new video. The video posted online shows the officer picking up a 5-gallon bucket of ice water and pour it over a fellow officer. According to the Associated Press, the officer has pled guilty to insurance fraud.

In Boston, Massachusetts, a woman participating in the Boston Marathon was dared by her daughter to kiss a random, good-looking guy as she ran through the town of Wellesley, where the women of Wellesley College traditionally offer kisses to runners. She did, and the kiss had such an effect on her that her daughter took to social media to try to find the man. They finally received a letter—from the man’s wife. According to the local FOX News station, the unidentified man’s wife said the attention was fun but that the couple wanted to remain anonymous. The letter was kind and gracious and there are no hard feelings between the two women.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

In Hamilton, Pennsylvania, a jailed man on the verge of gaining his freedom was put back behind bars. According to NJ.com, as he was going through the process of being released, the man punched two corrections officers. The news report did not say why.

In Hefei, Anhui province, China, a 21-year-old man collapsed onto the pavement outside an internet café. According to The Telegraph, a cleaning lady at the café said she had seen the man stagger out of the building following a two-week online binge during which he had chain-smoked, repeatedly dodged showers and eaten almost nothing. When paramedics arrived to take the man to hospital he reportedly told them: “Leave me alone and turn on the computer for me. I want to surf the internet.”

In Erwin, North Carolina, a couple was driving with their dog in their truck when something spooked the dog. UPI reports that the dog retreated to the floor of the driver’s side and sat all of her 90-plus pounds on the gas pedal. The wife, who was driving, steered the truck towards a fence in hopes of stopping it. Instead, they ended up in someone’s swimming pool.

In Platte, South Dakota, two candidates split the vote for mayor in April. According to the Associated Press, an old state statute says certain elections can be determined by a high card draw or a roll of the dice. The incumbent mayor picked dice as his game of choice. His opponent rolled a seven to become Platte’s mayor for the next two years, while the incumbent rolled a four.

In Detroit, Michigan, a man busted through the wall of a liquor store, but realized there was a wrinkle in his plan and left. According to the Detroit Free Press, the suspect can be seen on surveillance video knocking a hole through the outer wall and climbing in. Once inside, he discovered that he was stuck in a storage area of the store and couldn't gain access to its interior. Police are looking for the man.

If you can't view the below video, try https://youtu.be/lSbvG1yKX7o

If you excuse yourself from a city council meeting, you might want to turn off your microphone.

If you can't view the below video, try https://youtu.be/sRHVIcesOH4

A thief’s bike heist was foiled as the owner was apparently watching out the window.

If you can't view the below video, try https://youtu.be/S7Ry0VHxymw

Law Firm Investigating IBM 401(k) Plan

A law firm says allegations of fraud in a current lawsuit against IBM raise questions about its handling of 401(k) plan company stock investments.

Zamansky LLC has commenced an investigation of International Business Machine Inc.’s (IBM) 401(k) Plus Plan for possible violations of the federal Employee Retirement Income Security Act (ERISA).

The law firm says ERISA fiduciary duties to prudently manage and invest plan assets were potentially violated by IBM’s continued offering of its company stock while it allegedly knew that the stock price was artificially inflated.

Get more!  Sign up for PLANSPONSOR newsletters.

According to the law firm, on April 1, 2015, a class action lawsuit was filed against IBM in the U.S. District Court for the Southern District of New York, alleging securities fraud. The complaint alleges that from January 22 through October 17, 2014, IBM over-valued and made material misrepresentations to investors about its microelectronics business, which designs and produces microchips. IBM sought to sell its microelectronics unit, which it certified was worth $2.4 billion, when it knew that its microelectronics business had actually lost $700 million the year before, expected losses in 2014 and was not worth this amount.

On October 20, 2014, IBM announced that it was taking a $4.7 billion charge and write-off of the microelectronics unit, in connection with its sale. Following this news, IBM’s stock price fell by over $20 per share. The current lawsuit alleges that IBM’s management knew that its financial statements over-stated the value of the microelectronics business, and intentionally sought to hide IBM’s struggles to adapt to the changing competitive marketplace from investors.

Attorney Jake Zamansky says IBM’s existing and former employees who purchased and held company stock through the 401(k) Plus Plan since at least January 22, 2014, have suffered losses to their retirement savings. He says the allegations about fraud by IBM’s management raise serious issues for IBM 401(k) participants about the prudent monitoring and oversight of the plan under ERISA for artificial inflation of the stock price.

«