Feb. 22 (Bloomberg) -- Qualcomm Inc. resolved a lawsuit that the New York State Common Retirement fund brought last month over political spending.
Qualcomm, a maker of communications microchips, will implement a revised political spending disclosure policy, according to a joint statement today from New York State Comptroller Thomas P. DiNapoli and the company. Each side will pay its own legal costs and attorney fees, according to court papers confirming the case’s dismissal.
“Qualcomm’s disclosure policy sets a high standard,” DiNapoli, the fund’s trustee, said in the statement. “The company deserves praise for its actions.”
DiNapoli sued San Diego-based Qualcomm Jan. 2 in Delaware Chancery Court in Wilmington seeking books and records that might shed light on whether contributions are in shareholders’ best interests.
“Increased transparency for election-related activities by corporations is very beneficial,” Paul E. Jacobs, chief executive officer and chairman of Qualcomm, said in the statement.
The Qualcomm Inc. Political Action Committee, based in Washington, contributed $166,500 to federal candidates in 2012, 53 percent to Democrats and 48 percent to Republicans, according to OpenSecrets.org.
Qualcomm spent more than $4.5 million on lobbying in 2012, DiNapoli said when the lawsuit was filed.
The case is New York State Common Retirement Fund v. Qualcomm Inc., CA8170, Delaware Chancery Court (Wilmington).
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