NEW YORK, April 12, 2006 (PRIMEZONE) -- The New York law firm of Wechsler Harwood LLP today announced that it has commenced an investigation on behalf of participants and beneficiaries of the Zale Corporation ("Zale" or the "Company"; NYSE:ZLC) Savings and Investment Plan (the "Plan") for violations of the Employee Retirement Income Security Act of 1974 ("ERISA") in relation to the handling of investments in the Plan by certain named and unnamed administrators and fiduciaries.
In particular, the investigation focuses on whether the Company and certain Plan administrators breached their fiduciary duties of loyalty and prudence to the Plan and its participants by, inter alia: (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 Zale common stock when it was imprudent to do so.
If you are a Plan participant and hold shares of Zale common stock in your retirement benefit plan and want to discuss this investigation with an attorney or have any questions concerning this notice, your legal rights, or any matter within our expertise, you may e-mail or call plaintiff's counsel, Jeffrey M. Norton at (877) 935-7400 (ext. 286), or a firm representative who will, without obligation or cost to you, attempt to answer your questions. Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders, employee investors, and consumers and is responsible for hundreds of millions of dollars in recoveries. The Wechsler Harwood website (www.whesq.com) contains detailed information regarding this matter and additional information about the firm.
CONTACT: Wechsler Harwood LLP Jeffrey M. Norton, Esq. (jmn@whesq.com) 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 (ext. 286) http://www.whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca