US Department of Labor sues San Francisco’s California Pacific Bank

The U.S. Department of Labor has filed a lawsuit against San Francisco’s California Pacific Bank and four of its directors. The complaint alleges that the bank, its CEO and three additional fiduciaries of the bank’s Employee Stock Ownership Plan mismanaged plan assets resulting in potential plan losses totaling approximately $1.4 million. The suit asks the court to require the fiduciaries to restore all losses they caused to the plan…