PHILADELPHIA, April 16, 2008 (PRIME NEWSWIRE) -- The law firm of Spector Roseman & Kodroff, P.C. announces that it has begun an investigation into the Wachovia Corporation (NYSE:WB) for potential violations of the Employee Retirement Income Security Act of 1974. The investigation focuses on investments in the Wachovia Savings Plan.
Spector Roseman & Kodroff's investigation involves concerns that administrators of the Plan may have breached their fiduciary duties to Plan participants and beneficiaries. A breach of fiduciary duties occurs when fiduciaries fail to manage the assets of the Plan in the sole interest of the plan participants by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.
Specifically, Wachovia and the Plan's other fiduciaries continued to invest in and hold Wachovia stock in the Plan despite the Company's exposure due to ill-advised mortgage loans. The Plan fiduciaries maintained a large investment of Plan assets in Company stock at a time when they should have known that it was unsuitable as a savings and retirement investment. Wachovia employees who had most of their Plan assets in Company stock have incurred a substantial loss in their retirement investment.
If you are a participant in the Wachovia Savings Plan, you can contact Spector Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the investigation and how you may have been harmed. You may also call Robert M. Roseman or Ted Lieverman at the firm's toll-free number, 888-844-5862. Even if you have relatively small losses, a class action lawsuit can protect your rights at no cost to you.
Spector Roseman & Kodroff, P.C., a Philadelphia, Pennsylvania law firm, concentrates its practice in class action and complex litigation, including actions dealing with securities laws, antitrust, contract and commercial claims, and labor and employment. The firm is active in major litigation pending in federal and state courts throughout the United States, including claims for participants of employee benefit funds under ERISA and other laws. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. As a result of the efforts of the firm, billions of dollars have been recovered through judgments and settlements on behalf of injured class members.
For more information about the firm, visit its website at http://www.srk-law.com.
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