MINNEAPOLIS, July 17, 2008 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced against IndyMac Bancorp, Inc. (Pink Sheets:IDMC) 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 Central District of California on behalf of a class of all persons who were participants in or beneficiaries of the IndyMac Bank, F.S.B. 401(k) Plan (the "Plan") between December 31, 2006 and the present (the "Class Period") and whose accounts included investments in IndyMac common stock.
The Complaint alleges that IndyMac and other administrators of the Plan may have breached their ERISA mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. 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 when it was no longer a prudent investment for participants' retirement savings. Specifically, IndyMac continued to make and maintain investments in IndyMac stock despite the Company's apparent mismanagement of the risk of assets held by the Company and its gross failure to maintain adequate capital and liquidity.
If you are a participant in the IndyMac Bank, F.S.B. 401(k) Plan and held IndyMac stock in the Plan, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685