.Harwood Feffer Announces It is Pursuing a Class Action Against Sterling Financial Corporation on Behalf of Participants in the Company's 401(K)
(PressMethod) - Harwood Feffer LLP (www.hfesq.com) today announced that it has filed a class-action lawsuit on behalf of participants in and beneficiaries of the Sterling Savings Bank Employee Savings and Investment Plan and Trust (the "Plan") in the United States District Court for the Eastern District of Washington.
The lawsuit, filed against Sterling Financial Corporation (Nasdaq:STSA - News) ("Sterling" or the "Company") and other fiduciaries of the Plan, alleges that the Plan's fiduciaries improperly managed and failed to protect employees' investment in Sterling stock through the Company's 401(k) Plan in violation of the federal Employment Retirement Income Security Act (ERISA). In particular, the complaint alleges that defendants continued to invest in Sterling stock when it was no longer a prudent Plan investment and that they failed to take actions that could have prevented substantial losses in the Sterling investment as the stock continued to plummet in value.
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