A New Jersey-based architecture firm owned by the wife of former Metro Bank Plc chairman Vernon Hill lost nearly 75% of its profit sharing plan assets by investing in the bank, a former firm employee alleged in a proposed class action complaint.
The lawsuit, filed Wednesday in the U.S. District Court for the District of New Jersey, claims the InterArch Inc. profit sharing plan lost more than $12 million by investing most of the plan’s assets in a single investment: the stock of the troubled London bank Vernon Hill co-founded. The lawsuit names InterArch, Vernon Hill, and InterArch president Shirley ...
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