TierOne Execs To Pay $4.5M To End ERISA Action

Law360, New York (October 15, 2012, 7:35 PM EDT) -- A Nebraska federal judge on Friday preliminarily signed off on a $4.5 million deal that resolves three consolidated putative class actions accusing TierOne Bank's officers and board members of imprudently investing employee retirement plans in the now-defunct bank's stock.

U.S. District Judge Joseph F. Bataillon granted preliminary approval to the settlement between the defendants and the plaintiffs who brought claims that the defendants violated their fiduciary duty to pension plan holders under the Employment Retirement Income Security Act by funneling retirement money into the bank's tanking...
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