LOS ANGELES, May 25, 2010 (GLOBE NEWSWIRE) -- Liner Grode Stein Yankelevitz Sunshine Regenstreif & Taylor LLP ("Liner") has commenced an investigation relating to the TierOne Bank Savings Plan ("TierOne or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation concerns investments in TierOne by the TierOne Bank Savings Plan (the "Plan").
Liner's investigation focuses on concerns that TierOne and the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets, by among other things, offering TierOne stock as a Plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plan's participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plan.
If you are a member of the TierOne Bank Savings Plan and purchased or held TierOne stock through the Plan, you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com.
Liner is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the first large-scale ERISA 401(k) cases filed. For more information, please visit our website at www.californiaclassaction.com.