8 Colonial Bank ERISA Actions To Be Consolidated

Law360, New York (September 25, 2009, 4:30 PM EDT) -- The officers of the defunct Colonial Bank, which was seized by state banking regulators in August and saw its parent Colonial BancGroup enter bankruptcy weeks later, are facing a wave of soon-to-be-consolidated putative class actions from employees alleging the bank's management caused their retirement plan to lose over $50 million.

The plaintiffs in the most recent case filed a motion to consolidate all the actions and appoint lead plaintiffs and counsel in the U.S. District Court for the Middle District of Alabama on Thursday.

Eight separate...
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