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Huntington Bancshares may have violated its fiduciary duties to its current and former employees who purchased Huntington Bancshares through its sponsored retirement plan.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Product or Service
- Retirement Plan
Injury Type
- Monetary Loss
Investigation Details
Investigation and a pending ERISA class action lawsuit against Huntington Bancshares.
The class action complaint is filed on behalf of all persons who were participants in or beneficiaries of the Huntington Investment and Tax Savings Plan (the "Plan") between July 1, 2007 and the present and whose accounts included investments in Huntington common stock.
The Consolidated Amended Complaint alleges that during the class period, Huntington Bancshares breached their fiduciary duties to Plaintiffs and the Class members by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries;
(3) failing to disclose necessary information to co-fiduciaries; and
(4) failing to provide complete and accurate information to the Class.
As a result of the Plan's investment in Huntington Bancshares stock, based on publicly available information for the Plan, it appears that Huntington Bancshares' alleged breaches have caused the Plan to lose over 100 million dollars of retirement savings.
The class action complaint is filed on behalf of all persons who were participants in or beneficiaries of the Huntington Investment and Tax Savings Plan (the "Plan") between July 1, 2007 and the present and whose accounts included investments in Huntington common stock.
The Consolidated Amended Complaint alleges that during the class period, Huntington Bancshares breached their fiduciary duties to Plaintiffs and the Class members by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries;
(3) failing to disclose necessary information to co-fiduciaries; and
(4) failing to provide complete and accurate information to the Class.
As a result of the Plan's investment in Huntington Bancshares stock, based on publicly available information for the Plan, it appears that Huntington Bancshares' alleged breaches have caused the Plan to lose over 100 million dollars of retirement savings.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Huntington Bancshares Incorporated (HBAN) | Huntington Bancshares Incorporated operates as the holding company for The Huntington National Bank that provides commercial and consumer financial products and services. |