NY State Withdraws Lawsuit Against Qualcomm On Political Spending Disclosure

(RTTNews.com) - The New York State Common Retirement Fund has decided to withdraw the lawsuit, which was filed on January 2 2013, against Qualcomm Inc. ( QCOM ), after the company agreed to provide stockholders with comprehensive information regarding its corporate political spending.

Qualcomm will post online the company's contributions to political candidates and political parties, political expenditures to trade associations and Section 501(c)(4) organizations and contributions to influence ballot measures.

"Qualcomm agrees with the New York State Common Retirement Fund that increased transparency for election-related activities by corporations is very beneficial. While Qualcomm has been developing a new policy on disclosure of political expenditures for some time, engaging with the Common Retirement Fund has been helpful," said Paul Jacobs, the CEO and Chairman of Qualcomm.

"Qualcomm's disclosure policy sets a high standard for transparency in corporate political spending disclosure and the company deserves praise for its actions. This is a significant milestone in greater transparency in corporate political spending," said New York State Comptroller Thomas DiNapoli, trustee of the Fund.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com