Retirement Plan Gets $950,000 for Metro Bank Investment Losses

Sept. 14, 2021, 4:50 PM

Employees at a New Jersey architecture firm owned by the wife of former Metro Bank Plc chairman Vernon Hill negotiated a $950,000 class settlement, resolving a federal lawsuit claiming they lost 75% of their retirement plan assets by investing in the bank.

The deal, which is expected to benefit about 50 people covered by the InterArch Profit Sharing Plan and Trust, resolves claims that the plan suffered massive losses after InterArch owner and plan trustee Shirley Hill invested as much as 88% of the plan’s assets in Metro Bank stock.

Division of the settlement funds will be based on how ...

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