Bankrupt Amcore To Pay $3.3M To Settle ERISA Suit

Law360, New York (January 11, 2013, 4:27 PM EST) -- Amcore Financial Inc. has agreed to pay $3.35 million to resolve claims alleging its executives breached their fiduciary duty before the troubled lender collapsed by directing employees to a retirement plan relying on company stock, according to documents filed Thursday in Illinois.

The settlement, which must receive court approval, is intended to recoup Amcore employees who invested in the plan anytime between July 2, 2007, and July 15, 2010. The lawsuits allege Amcore mismanaged the plan and provided inaccurate information to employees about the company's financial...
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