Executive Sues Mercury S&L;: Leonard Shane, the...
From Times Staff and Wire Reports
Executive Sues Mercury S&L;: Leonard Shane, the former chief executive of beleaguered Mercury Savings & Loan, filed a federal suit against the thrift, seeking $850,000 plus interest in retirement benefits. Shane, 67, headed Mercury from April, 1964, through Feb. 23 of this year, when the Huntington Beach thrift was seized by federal regulators. Shane’s suit, filed in U.S. District Court, claims that as chief executive, he was one of “certain key employees” who became entitled to retirement plan benefits. The lawsuit also lists the Resolution Trust Corp., which was named as conservator for Mercury when it was seized, as a defendant.
