N.J. Law Journal reports:
FEDERAL JUDGE OKs RICO SUIT AGAINST IBM EXECUTIVES
A federal judge has refused to dismiss a massive RICO suit against four high-level IBM executives who are accused of swindling a King of Prussia, Pa., firm into investing $12 million in technology projects by hiding the truth about their market potential and continuing to solicit funds even after one of the projects had been canceled. In his 32-page opinion in Devon IT Inc. v. IBM Corp., U.S. District Judge Joel H. Slomsky dismissed a claim against IBM for aiding and abetting the RICO conspiracy, but refused to dismiss claims against IBM for fraud, breach of contract, and negligent supervision. But the most significant ruling in Slomsky's opinion is his refusal to dismiss RICO claims against the four IBM executives — Thomas S. Bradicich, Bernard S. Meyerson, James A Gargan, and Rodney C. Adkins — who are accused of operating their department as a "wide-spread Ponzi scheme." Share this: Facebook Digg
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