https://www.nytimes.com/2004/09/30/technology/ibm-employees-..."I.B.M. said yesterday that it had agreed to pay $320 million to current and former employees to settle in part a class-action lawsuit over its pension plan in a case that may affect millions of workers at many companies and nonprofit organizations.
"Under the settlement, I.B.M.'s liability in the case will be limited to an additional $1.4 billion if the courts uphold a ruling that a new pension plan discriminates against its older workers and is illegal. ..."
"For older workers with years in a traditional plan, the switch to a cash-balance plan at age 45 or older can halve the benefits they ultimately collect, compared with a traditional defined-benefit plan."
There was also an additional lawsuit involving the difference between employees and contractors, but I can't find the details now.
Also note that IBM went from 400,000 employees in 1985 to 225,000 in 1995, also losing on things like OS/2, PCs, mainframes. And as for as I know, IBM has not created any major, successful software projects since 1990 or so.