HOUSTON, Oct. 22, 2004 (PRIMEZONE) -- The Houston, Texas law firm, Emerson Poynter LLP (www.emersonpoynter.com), announced today that it has commenced an investigation regarding the Hartford Financial Services Group, Inc. ("Hartford Financial" or the "Company") (NYSE:HIG) and Hartford Fire Insurance Company, a wholly-owned subsidiary of Hartford Financial, for violations of the Employee Retirement Income Security Act of 1974 ("ERISA") in relation to its handling of investments in the Company's employee retirement benefit plan (the "Plan").
The material facts being investigated relate to allegations that Hartford Financial allegedly had allowed Plan Participants to purchase and/or hold the Company's stock or funds which included Company stock while knowing that the value of the Company's shares was inflated. New York Attorney General Eliot Spitzer has alleged that Hartford Financial and other insurance brokers have engaged in "bid rigging" and "kickbacks" in connection with their insurance brokerage business. On October 14, 2004, it was disclosed that Hartford Financial allegedly had been engaging in such misconduct. Shares of Hartford Financial declined precipitously, nearly 10%, in the wake of this disclosure.
The primary focus of Emerson Poynter's investigation is whether the Company and certain Plan administrators breached their fiduciary duties by: (a) negligently misrepresenting and negligently failing to disclose material facts to the Plan and the Plan Participants in connection with the management of the Plan's assets and (b) negligently permitting the Plan to purchase and hold Hartford Financial stock when it was imprudent to do so.
Emerson Poynter LLP has substantial experience representing plan participants in ERISA action and investors in shareholder lawsuits. The firm represents investors and retirement plan participants throughout the nation in such actions as Marsh & McLennan, Enron, Reliant Energy, Goodyear, Cardinal Healthcare, and ADC Telecommunications. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors, retirement plan participants and consumers throughout the nation.
If you purchased Hartford Financial stock before October 14, 2004, or are a member of one of Hartford Financial's retirement plans and purchased or held Hartford Financial stock through the retirement plans, please contact us by calling one of our team members toll-free at 800.663.9817 or via e-mail at epllp@emersonpoynter.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca