US Bank Targeted Over $1.1B Pension Loss

Law360, San Francisco (October 25, 2013, 8:19 PM EDT) -- U.S. Bank NA was hit in Minnesota federal court Friday with a class action claiming the bank violated the Employee Retirement Income Security Act by allowing its pension plan to be funded with risky equity investments that tanked in 2008, losing $1.1 billion.

The complaint, brought by U.S. Bank Pension Plan participants Shelly Abrams, Tonya Davis and Debra Griffin, says that the bank's board of directors appointed two committees to manage and supervise the plan, which then allowed an investment manager to sink 100 percent of...
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