MINNEAPOLIS, Nov. 19, 2008 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. today announced that it has commenced an investigation against PFF Bancorp, Inc. ("PFF" or the "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on all persons who were participants in or beneficiaries of the PFF Bank & Trust Employee Stock Ownership Plan (the "ESOP") and the PFF Bank & Trust 401(k) Plan (the 401(k) Plan") (collectively, the "Plans") between July 24, 2006 and the present (the "Class Period") and whose Plan accounts included investments in PFF Bancorp common stock.
The investigation focuses on concerns that Defendants, each having certain responsibilities regarding the management and investment of Plans assets, breached their fiduciary duties to the Plans and proposed Class by failing to prudently and loyally manage the Plans' investment in Company securities by: 1) continuing to invest Plan assets in PFF common stock when it was imprudent to do so; and 2) maintaining the Plans' pre-existing heave investment in PFF equity when Company stock was no long a prudent investment for the Plans.
If you are a participant in the PFF Bank & Trust Employee Stock Ownership Plan or the PFF Bank & Trust 401(k) Plan and held PFF Bancorp 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