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Law firm probing Sterling 401(k) plan
Seattle law firm Keller Rohrback said in a news release it was investigating Sterling Financial Corp. for potential legal violations related to Sterlings 401(k) plan.
The plan included company stock, which has dropped more than 50 percent since Lancaster County-based Sterling initially disclosed accounting problems at its EFI subsidiary. The stock was trading at $9.92 as of 12:48 p.m. today.
Citing the events at EFI, Keller Rohrbacks news release said the firm was investigating whether Sterling and the 401(k) plan administrators breached their fiduciary duties to Sterling employees.
The Sterling Financial 401(k) Retirement Plan included 1.4 million Sterling shares valued at $33.5 million, according to Sterlings annual report filed March 16 with the U.S. Securities and Exchange Commission.
Separately, Sterling and some of its executives face lawsuits from several law firms seeking to collect on behalf of public shareholders.
Sterling representatives could not immediately be reached for comment.
