SEATTLE, June 17, 2008 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) announces that it has commenced a class action against Wachovia Corp. (NYSE:WB) for violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Complaint was filed in the U.S. District Court for the Southern District of New York on behalf of a class of all persons who were participants in or beneficiaries of the Wachovia Savings Plan (the "Plan") between January 23, 2007 and the present (the "Class Period") and whose accounts included investments in Wachovia common stock.
The Complaint alleges that Wachovia and the various defendants breached their fiduciary duties owed to Plan participants and beneficiaries by: (1) failing to prudently and loyally manage the Plan's investment in Wachovia stock; (2) failing to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; (3) failing to disclose necessary information to co-fiduciaries; (4) failing to provide complete and accurate information to the Class regarding the soundness of Wachovia stock and the prudence of investing and holding retirement contributions in Wachovia equity; (5) failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring; and (6) knowingly participating in breaches.
If you are a participant in the Wachovia Savings Plan and held Wachovia stock in the Plan, you may contact paralegal Jennifer Tuato'o or attorneys Erin Riley, Derek Loeser or Lynn Sarko toll free at 800-776-6044, or via email at investor@kellerrohrback.com.
Keller Rohrback is also investigating similar allegations against Lehman Brothers Holdings Inc. (NYSE:LEH). The investigation focuses on investments in Lehman Brothers stock by the Lehman Brothers Savings Plan (the "Plan").
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., and Merrill Lynch, as well as ERISA cash balance pension plan cases, including JPMorgan Chase & Co. 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.
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More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.