HOUSTON, Oct. 30, 2004 (PRIMEZONE) -- Emerson Poynter LLP, a national law firm with offices in Houston, Little Rock, and Seattle (http://www.emersonpoynter.com) announced today that it had commenced an investigation regarding ACE Ltd.'s ("ACE" or the "Company") (NYSE:ACE) alleged violations of Federal and State securities laws and the Employee Retirement Income Security Act of 1974 ("ERISA") in relation to ACE's handling of investments in the Company's employee retirement benefit plan (the "Plans").
The material facts being investigated relate to allegations that ACE 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 ACE 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 ACE allegedly had been engaging in such misconduct. Shares of ACE declined in the wake of this disclosure. These concerns have prompted credit rating agencies such as Standard & Poor's to downgrade the debt rating of ACE.
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 ACE 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, The Hartford, Enron, Reliant Energy, Goodyear, Cardinal Healthcare, and ADC Telecommunications. The firm has offices in Houston, Seattle, and Little Rock, but represents retirement plan participants and beneficiaries throughout the nation.
If you purchased ACE stock before October 14, 2004, or are a member of one of ACE's retirement plans and purchased or held ACE stock through the retirement plans, please contact us by calling toll-free at 800.663.9817 or via e-mail at epllp@emersonpoynter.com.