ERISA Class Action Against Venture Bank Kept Alive

Law360, New York (May 20, 2010, 6:36 PM EDT) -- A federal judge has refused to dismiss a complaint alleging now-defunct Venture Financial Group Inc. and several directors are liable for retirement plan losses resulting from a drop in company stock, but he has agreed to trim the claims.

Judge Benjamin H. Settle of the U.S. District Court for the Western District of Washington said Tuesday that the plaintiffs could pursue claims alleging it was imprudent for the defendants to continue to hold and offer company stock in the retirement plans after learning of Venture Bank's...
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