TierOne Stock Ownership Plan

In July 2010, we brought a class action under ERISA against the executives and directors administering the TierOne Bank Savings Plan and the TierOne Corporation Employee Stock Ownership Plan.  The complaint alleges that defendants failed to protect the investments of class members in spite of their knowledge that TierOne’s recent shift in business trajectory—from regional community banking into high-risk subprime lending in the nation’s most volatile housing markets—exposed TierOne to massive loses that would eventually drive the company into bankruptcy in June of 2010.  Have you lost money as a result of your participation in either of the TierOne retirement plans? Report your case.