An investigation on behalf of current investors of Central Pacific Financial Corp. (Public, NYSE: CPF) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.

According to the investigation by a law firm the investigation focuses on possible claims that certain Central Pacific Financials senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007. Central Pacific Financial Corp. is a bank holding company for its bank subsidiary, Central Pacific Bank. Through its bank and its subsidiaries, Central Pacific Financial offers full-service commercial banking with 39 bank branches and more than 95 automate teller machines (ATMs) located throughout the state of Hawaii. Certain senior officers at Central Pacific Financial Corp., were awarded salaries, bonuses, stock options and other forms of long-term, incentive or retirement compensation that was, so the investigation, excessive or unwarranted based on Central Pacific Financials performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Central Pacific Financial Corporation is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow Central Pacific Financial Corp. (NYSE: CPF) stockholders to influence or control future compensation decisions at Central Pacific Financial. Central Pacific Financial is located in Honolulu, HI and had $5.432billion in total assets in 2008. shares of Central Pacific Financial Corp. (NYSE: CPF) traded recently at $5.85 per share, down from $20.75 in September 2008 and almost $40 per share in 2007.