NEW YORK, Oct. 22, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP.
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of participants and beneficiaries of the Marsh & McLennan Companies Stock Investment Sharing, Retirement and Savings Plan and Marsh & McLennan Companies Stock Investment Plan Employee Stock Ownership Plan (the "Plans"), who were invested in Marsh & McLennan shares through the Plans between January 1, 2000 and October 14, 2004 (the "Class Period").
If you wish to discuss your rights, please contact Lee Squitieri of Squitieri & Fearon, LLP at (212) 421-6492 or by e-mail at lee@sfclasslaw.com.
The complaint alleges that defendants Marsh & McLennan Companies, Inc. (NYSE:MMC), its Employee Benefits Policy Committee, and certain of its officers and directors breached their duties under ERISA by (1) failing to properly manage the Plans' assets by imprudently investing a significant amount of the Plans' assets in Marsh & McLennan stock; (2) failing to provide complete and accurate information to participants and beneficiaries; and (3) engaged in prohibited transactions under ERISA.
If you are a member of one of the Plans and wish to discuss this announcement, are interested in actively participating in this litigation, and/or have information relevant to the ongoing investigation, please contact:
SQUITIERI & FEARON, LLP
Lee Squitieri
32 East 57th Street
12th Floor
New York, NY 10022
(212) 421-6492
lee@sfclasslaw.com
The partners at Squitieri & Fearon, LLP have been in the forefront of ERISA litigation since their involvement in a groundbreaking ERISA employee benefit case involving one of America's largest Pharmacy Benefit Managers. Recently, as lead counsel in an ERISA breach of fiduciary case against Textron, the firm was successful in convincing the Court of Appeals in Boston to reinstate all of the claims against Textron and Textron related defendants.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.