Please ensure Javascript is enabled for purposes of website accessibility

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 Sterling’s 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 Sterling’s 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 Rohrback’s 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 Sterling’s 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.

Business Events

Best Places to Work in PA

Thursday, December 08, 2022
Best Places to Work in PA

Diversity, Equity and Inclusion Summit

Wednesday, March 29, 2023
Diversity, Equity and Inclusion Summit

Healthcare Heroes

Tuesday, April 04, 2023
Healthcare Heroes

Nonprofit Innovation Awards

Thursday, May 18, 2023
Nonprofit Innovation Awards