Defunct Bank Reaches $1M Deal To End ERISA Action

Law360, New York (November 30, 2011, 7:01 PM EST) -- Plaintiffs in a class action alleging that now-defunct First Regional Bancorp imprudently invested employee retirement plans in company stock asked a federal judge Tuesday to approve a $950,000 settlement with the California bank.

The plaintiffs in the Employee Retirement Income Security Act suit also moved for conditional certification of a class consisting of all participants in First Regional's 401(k) and employee stock ownership plans between 2007 and August.

Because First Regional was shut down by California officials in January 2010, it has virtually no assets, no...
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