Smith, Katzenstein & Jenkins and Purcell Julie & Lefkowitz have won co-lead counsel status for the plaintiffs in a derivative suit challenging “grossly excessive” director compensation hikes following Investors Bancorp Inc.’s mutual-to-stock public offering.
The firms had been vying with renowned plaintiffs’ firms Friedlander & Gorris and Levi & Korsinsky for leadership in the case. The suit accuses the non-employee directors and two executive officers of the New Jersey regional bank of improperly awarding themselves $2.3 million compensation packages in 2015, more than a 1,000 percent greater than before the 2014 offering.
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