Umpqua Investors Sue Directors Over Exec Pay

Law360, New York (May 27, 2011, 6:21 PM EDT) -- Umpqua Holdings Corp. shareholders sued the banking company's board of directors and four top executives in Oregon federal court on Wednesday, alleging they breached their duty of loyalty when the board approved raises for the executives despite a negative shareholder return in 2010.

Brought by Illinois pension fund investors on behalf of Umpqua, the parent company of Oregon-based community bank Umpqua Bank, the suit accuses the directors and executives of breach of loyalty and unjust enrichment. The suit also names PricewaterhouseCoopers LLP, the company's compensation consultant,...
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Case Information

Case Title

Plumbers Local No. 137 Pension Fund et al v. Davis et al


Case Number

3:11-cv-00633

Court

Oregon

Nature of Suit

Stockholders Suits

Judge

John V. Acosta

Date Filed

May 25, 2011

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