GreatBanc Trust Co. has settled an ERISA claim brought by the DOL for $5.25 million.
In 2012, the Labor department claimed that GreatBanc breached its fiduciary obligations under ERISA in its relationship as trustee to the ESOP of Sierra Aluminum, a Riverside, California-based materials company.
GreatBanc Trust, of Lisle, Illinois, allegedly allowed the employees of Sierra Aluminum to purchase shares of the company from co-founders and top executives for more than fair-market value.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
