A lawsuit filed by New York State Comptroller Thomas P. DiNapoli against Qualcomm (NASDAQ:QCOM) over the right for shareholders to view the company's political contributions has been withdrawn, according to a statement released today by the company and the comptroller.
DiNapoli is the sole trustee of the New York state pension fund, the largest holder of Qualcomm shares. He filed the lawsuit on Jan. 2 after the company refused to let him view the company's political spending.
DiNapoli dropped the lawsuit after Qualcomm made changes to its political spending disclosure policy.
"Qualcomm agrees with the New York State Common Retirement Fund that increased transparency for election-related activities by corporations is very beneficial," the company's chairman and CEO Dr. Paul E. Jacobs said in the statement. The updated policy includes mandating that the company will post to its website and update at least twice annually all "monetary and nonmonetary corporate contributions, if any, to political candidates, political parties, and other political organizations ... including recipient names and amounts given."
DiNapoli was quoted in the statement as calling it "a significant milestone in greater transparency in corporate political spending."