Sterling Financial Socked With ERISA Class Action

Law360, New York (January 12, 2010, 2:00 PM EST) -- Sterling Savings Bank workers have accused the bank, its parent company and board of directors of breaching their fiduciary duties by maintaining an investment in company stock for the employees' 401(k) plan long after doing so had become imprudent.

In a proposed class action filed Monday in the U.S. District Court for the Eastern District of Washington, Cory Deter accuses the Washington-based bank and its parent company, Sterling Financial Corp., of violating the Employment Retirement Income Security Act by failing to disclose the company's financial problems....
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