International Bancshares Corp. Employees’ Profit Sharing Plan and Trust
On August 12, 2024, we filed a lawsuit on behalf of a class of current and former participants in the International Bancshares Corp. Employees’ Profit Sharing Plan and Trust in the putative class action, Parrott v. International Bank of Commerce, et al. (S.D. Tex. August 12, 2024). We allege that the Plan’s fiduciaries violated federal employee benefits law by imprudently investing the Plan's assets in poorly-designed investment strategies and disloyally investing in low-yield, no-growth certificates of deposit offered by one of the bank’s own branches. As a result, participants’ retirement savings have not grown as they should have. Attorneys Jennifer Lee and Carl Engstrom are the lead attorneys on this matter, and are seeking to recover these losses on behalf of Plan participants.
Take Action
Are you a current or former participant in the International Bancshares Corp. Employees’ Profit Sharing Plan and Trust?
If so, fill out the form on this page to learn more about this investigation and how you could take action.
After you get in touch, we will reach out to you to discuss whether you may be eligible to participate in the case, how the Defendants’ wrongdoing may have caused you to lose out on retirement savings, and what you can do about it.
It doesn’t cost anything to speak to one of our attorneys. And you’re under no obligation to take legal action after talking to someone about your rights. We will connect you with one of the attorneys authorized to practice in the Southern District of Texas for this case: Jennifer Lee or Carl Engstrom.
You can read more about our cases on behalf of retirement plan participants here.
Get in touch.
Note: The use of this form does not create an attorney-client relationship. Please do not share confidential information through this form.