Ex-TierOne Employee Files ERISA Suit Against Execs

Law360, New York (July 8, 2010, 4:49 PM EDT) -- A former employee of the failed TierOne Bank has filed a class action against the bank's officers and board members, saying they violated their fiduciary duty to pension plan holders by funneling retirement money into the bank's tanking stock.

The bank's executives, who were also fiduciaries of its employees' retirement funds, tied up nearly 12 percent of the bank's outstanding stock in the funds even though they knew financial collapse was imminent, plaintiff Susan Bredthauer said in a suit filed Wednesday in the U.S. District Court...
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