Huntington's Subprime Woes Lead To ERISA Suit

Law360, New York (March 3, 2008, 12:00 AM EST) -- Huntington Bancshares Inc. is facing a putative class action alleging that the defendants ran afoul of their fiduciary duties to employee pension benefit plan participants by keeping the plan heavily invested in Huntington stock despite its exposure to losses stemming from the foundering subprime mortgage market.

The Employee Retirement Income Security Act suit was filed on Friday in the U.S. District Court for the Southern District of Ohio on behalf of named plaintiff and plan participant Carol Umberti and those similarly situated. The defendants include the...
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