Pension Class Hits Marshall & Ilsley With ERISA Suit

Law360, New York (August 4, 2010, 5:02 PM EDT) -- Employees of financial services firm Marshall & Ilsley Corp. have lodged a class action against the company and its executives, saying the defendants breached a fiduciary duty under the Employee Retirement Income Security Act by investing pension plan assets in the company's stocks despite its unstable finances.

Wisconsin-based M&I invested assets in its M&I Stock Fund despite knowing its stock prices were artificially inflated, leaving plan members to suffer when stock later fell 89 percent, according to a complaint lodged Monday in the U.S. District Court...
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