Hancock Sued Over Pay Raises

The suit maintains that the company's plan of reorganization specifically excluded rewarding executives for company performance in the year following its demutualization.

"Moreover, the directors directly benefited from the same improper conduct by ? accepting significant compensation, including a substantial increase over the prior year, based on Hancock's stock performance during the prohibited one-year period," the suit says.

In a statement, Hancock says it intends "to defend [against] this nuisance lawsuit vigorously."

None of Hancock's officers was compensated for the IPO during Hancock's first year of operation as a publicly traded company, Hancock says.

"The compensation committee made its decisions independently, and all of those decisions were permissible and appropriate under the plan of demutualization," Hancock says.