New York Fund Sues Qualcomm

January 3, 2013 ( - The New York State Common Retirement Fund is suing Qualcomm Inc. regarding access to corporate records.

New York State Comptroller Thomas P. DiNapoli said the fund filed a Section 220 action in the Court of Chancery of the State of Delaware against Qualcomm for the right to inspect the company’s books and records to determine how shareholder funds are being spent for political purposes.

The complaint comes after Qualcomm refused the fund’s request to inspect the company’s books relating to the use of corporate resources for political activities.

“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,” DiNapoli said. “Without disclosure, there is no way to know whether corporate funds are being used in ways that go against shareholder interests.”

Qualcomm spent more than $4.5 million on lobbying efforts in 2012.

The complaint is available here.