Daily News | Vernon and Shirley Hill settle workers’ pension complaints for $3 million
Vernon Hill, the Moorestown banker, and Shirley Hill, who worked closely with the three banks he ran, have agreed to pay more than $3 million to settle lawsuits over the Hills’ investment of employee retirement savings from InterArch, Shirley Hill’s design company, into Vernon Hill’s bank stocks, which lost most of their value.
The Hills’ attorney, Jeffrey I. Pasek at Cozen O’Connor, declined to comment. The pair agreed not to contest the Labor Department’s complaint that they broke the law in their management of the plan, and “caused financial losses” to its participants. The government had alleged that the couple engaged in self-dealing and violated their duties to the plan by making large, risky investments in Vernon Hill’s banks.
Commerce was sold to TD Bank in 2008, after Hill had agreed to leave under pressure from regulators and directors. Hill later started Metro, in London, then took over Philadelphia-based Republic First, operator of First Republic Bank.
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