Old Second Strikes $7.5M Deal In Pension Investment Suit
Law360, New York (February 26, 2013, 8:54 PM EST) -- Old Second Bancorp Inc. reached a $7.5 million settlement in a class action that faulted the company and other fiduciaries for failing to divest Old Second stock after it stopped being a prudent investment for an employee pension plan, the plaintiffs told a Chicago federal court Tuesday.
Former Old Second National Bank employees Mary Dalton and Emil Adolphson asked the court to preliminarily approve the $7.5 million deal in their Employee Retirement Income Security Act case, saying the pact was fair and reasonable and provided for an immediate and meaningful recovery. The deal came after three separate mediation sessions using two...
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