Old Second Strikes $7.5M Deal In Pension Investment Suit

Law360, New York (February 26, 2013, 8:54 PM EST) -- Old Second Bancorp Inc. reached a $7.5 million settlement in a class action that faulted the company and other fiduciaries for failing to divest Old Second stock after it stopped being a prudent investment for an employee pension plan, the plaintiffs told a Chicago federal court Tuesday.

Former Old Second National Bank employees Mary Dalton and Emil Adolphson asked the court to preliminarily approve the $7.5 million deal in their Employee Retirement Income Security Act case, saying the pact was fair and reasonable and provided for...
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