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November 2010

Case in Point

Bank employer's subprime investments cause big losses for retirement plan participants

The plaintiffs alleged that the defendants breached their fiduciary duties by failing to disclose the company’s losses to plan participants; adequately monitor the plan’s management; and avoid conflicts of interest by appointing an independent administrator to choose how the participants’ money would be invested. The parties settled for $43 million. In re Natl. City Corp. Secs., Derivative & ERISA Litig.

 

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