NEW YORK, June 16, 2008 (PRIME NEWSWIRE) -- Wolf Popper LLP (www.wolfpopper.com) announces that it has commenced an investigation of Lehman Brothers Holdings Inc. ("Lehman Brothers" or the "Company") (NYSE:LEH) for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Lehman Brothers stock made by the Lehman Brothers Savings Plan (the "Plan") during the period September 2006 to the present.
Wolf Popper's investigation centers on whether Lehman Brothers and other administrators and fiduciaries of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. Such a breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally, by investing the assets in Company stock at a time when it was no longer a prudent investment for participants' retirement savings. In particular, Lehman Brothers and the Plan's other fiduciaries continued to invest in and hold Lehman Brothers stock in the Plan, despite Lehman Brothers' apparent mismanagement of the risk of assets held by the Company and gross failure to maintain adequate capital and liquidity, which has, among other things, recently resulted in the removal of its CFO and COO.
If you are a participant in the Lehman Brothers Savings Plan or held Lehman Brothers stock in the Plan during the period September 2006 to the present, and you wish to discuss this action or have any questions concerning this notice or your rights or interests, you may contact attorneys James Kelly-Kowlowitz or Marian Rosner at 212-451-9635 (or toll free at 877-370-7703), or via email at irrep@wolfpopper.com.
In business for over 60 years, Wolf Popper LLP has extensive experience representing shareholders, including retirement plan investors, in class actions, and has successfully recovered billions of dollars in securities actions. The firm currently serves as co-lead counsel in a class action ERISA lawsuit against Citigroup Inc., alleging similar claims to those alleged here against Lehman Brothers.
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