SEATTLE, Feb. 25, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it is investigating Tower Automotive Inc. ("Tower Automotive" or the "Company") (NYSE:TWR) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation is regarding the investments in Company stock by the Tower Automotive Retirement Plan, the Tower Automotive Union 401(k) Plan, the Tower Automotive Products Savings Investment Plan, and the Tower Automotive Products Employee 401(k) Savings Plan (the "Plans") from February 14, 2003 to the present (the "Class Period").
Keller Rohrback's investigation focuses on concerns that Tower Automotive and other fiduciaries for the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by among other things, continuing to offer their own company stock as a Plan investment option, and investing and holding employee and matching contributions in the stock at a time when they knew or should have known because of the precarious financial condition of the company that the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries failed to disclose complete and accurate information to employees regarding the Company's business, and financial results and operations, such that they could make informed decisions regarding investment in Tower stock.
If you are a member of the Tower Automotive sponsored 401(k) Plans and purchased or held Tower Automotive stock through one of those Plans, you may contact paralegal Brian Schiewe, or any member of our team (Derek Loeser or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Lucent and IKON ERISA breach of fiduciary duty cases--the first large-scale ERISA 401(k) cases filed. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA breach of fiduciary duty cases, including the Enron, WorldCom, Inc. and HealthSouth ERISA cases. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.