US bank faces lawsuit for pension losses

clock

US - A class action lawsuit has been filed against Sterling Savings Bank on behalf of staff seeking compensation over the firm's alleged failure to protect pension investments in company stock.

The lawsuit, brought by employee Corey Deter, alleges that 2,500 employees in five states lost money in their 401(k) plans as a result of the Spokane-based company's negligence. The lawsuit clai...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on North America

CalPERS issues indexing RFP

US - The California Public Employees' Retirement System (CalPERS) is in search of a manager to provide index fund products for six of its trust funds.

clock 02 November 2011 •

Verizon, AT&T to face significant pension costs in 2012

US - Telecommunications companies AT&T and Verizon Communications could face increased pension payments next year as their liabilities soar to a combined $73.2bn, according to an analyst note from Bernstein Research, a unit of AllianceBernstein.

clock 26 October 2011 •

News Corp. board under further investor pressure

US - Rupert Murdoch and other News Corporation directors face opposition from corporate governance advisory firm ISS which advised shareholders to vote against their re-elections to the board.

clock 11 October 2011 •
Trustpilot