Employees Sue TierOne Bank

[Omaha Steve]

http://www.wowt.com/home/headlines/98887374.html

Another former TierOne Bank worker has sued TierOne's former directors, alleging that TierOne worker retirement account assets were decimated by the directors' actions.

In his federal lawsuit filed Monday in U.S. District Court, Ronald Laird names the directors and executives, saying they should not have allowed the heavy investment of the retirement plans in TierOne stock.

A similar lawsuit was filed earlier this month.

TierOne had losses in 10 of the last 11 quarters as it struggled under the weight of bad loans. Yet the bank's retirement plans held more millions of TierOne shares.

Federal regulators took over Lincoln based TierOne in early June, and Great Western Bank, of Sioux Falls, S.D., agreed to acquire TierOne.