MINNEAPOLIS, Nov. 19, 2008 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. today announced that it has commenced an investigation against Northern Trust Corporation ("Northern Trust" or the "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on all current and former participants in the Northern Trust Company Thrift-Incentive Plan (the "Plan") between October 19, 2008 and the present (the "Class Period") and whose Plan accounts held shares of common stock of Northern Trust Corporation.
The investigation focuses on concerns that Defendants breached their fiduciary duties to participants in various ways, including, but not limited to: 1) allowing the investment of Plan assets in Northern Trust common stock when Northern Trust common stock was not a prudent investment for retirement accounts; 2) misrepresenting the failure to disclose material facts to the participants in connection with the administration of the plan; 3) failing to exercise their fiduciary duties to the participants solely in the interests of the participants for the exclusive purpose of providing benefits to the participants; and 4) failing to properly appoint and monitor the Plan's other fiduciaries.
If you are a participant in the Northern Trust Company Thrift-Incentive Plan and held PFF Northern Trust Corporation stock in either the Plans, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Karen H. Riebel, Esq. (khriebel@locklaw.com) Carey R. Baehman (crbaehman@locklaw.com) Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South, Suite 2200 Minneapolis, MN 55401 (612) 339-6900