Sovereign Bank Pensioners Sue Employer

Law360, New York (April 29, 2008, 12:00 AM EDT) -- On behalf of investors in Sovereign Bank's worker pension plan, a former employee has accused her old employer of unwisely investing much of the plan in Sovereign stock while hiding the company's shaky financial situation.

Gail Wentworth, who retired in 2007 but remains a participant in the Sovereign Bancorp Inc. Retirement Plan, filed her complaint on April 25 in the U.S. District Court for the Eastern District of Pennsylvania.

Brought under the Employee Retirement Income Security Act of 1974, the suit seeks restitution, injunctive relief and...
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