First Horizon Pays $6M To End Stock Inflation Suit

Law360, New York (May 3, 2012, 1:38 PM EDT) -- First Horizon National Corp. on Wednesday resolved allegations it sunk its employees' retirement savings through imprudent investments in its own inflated stock, with plaintiffs asking a Tennessee federal court to approve a $6 million settlement ending the class action against the bank.

The settlement, which brings a close to a four-year-long Employee Retirement Income Security Act lawsuit against the financial services firm, was described by First Horizon's employees as a fair resolution to their allegations the bank had mismanaged their retirement funds.

"The settlement will provide...
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