NEW YORK, July 21, 2008 (PRIME NEWSWIRE) -- Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome. The law firm of Milberg LLP is investigating possible illegal conduct relating to the IndyMac Bank, F.S.B. 401(k) Plan (the "Plan") as alleged in class action complaints filed in the United States District Court for the Central District of California against IndyMac Bancorp, Inc. ("IndyMac" or the "Company") (NYSE:IMB) (Pink Sheets:IDMC) and certain fiduciaries of the Plan.
The complaints charge that IndyMac and certain fiduciaries of the Plan with violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). It is alleged that defendants knew or should have known that IndyMac's growing exposure to non-performing assets, particularly loans in its pay-option adjustable-rate mortgages ("Option ARM") and homebuilder construction portfolio, has rendered IndyMac common stock an imprudent, inappropriate and risky investment for the Plan's participants. As a result, certain fiduciaries of the Plan may have violated ERISA in at least two ways: (1) by continuing to offer and maintain IndyMac common stock as a Plan investment when it was imprudent to do so, and (2) by failing to disclose IndyMac's true financial condition to the Plan's participants.
If you have or had an individual account with the IndyMac Bank, F.S.B. 401(k) Plan and your account holds or held IndyMac common stock, you may have legal claims under ERISA.
Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg LLP website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Lori G. Feldman Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com Website: http://www.milberg.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.