NEW YORK, Nov. 10, 2008 (GLOBE NEWSWIRE) -- The law firm of Milberg LLP is investigating possible illegal conduct by Hartford Financial Services Group Inc. ("Hartford" or the "Company") (NYSE:HIG) and certain fiduciaries of The Hartford Investment and Savings Plan (the "Plan").
Specifically, Milberg is investigating whether certain fiduciaries of the Plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). Violations may have occurred in at least two ways: (1) by continuing to offer Hartford common stock as a Plan investment when it was imprudent to do so, and (2) by maintaining the Plan's investment in Hartford stock in the Plan when it was imprudent to do so.
Milberg is investigating whether certain fiduciaries of the Plan failed to disclose material adverse facts concerning Hartford's financial well-being, business operations and prospects that led to a $2.63 billion third-quarter loss. Specifically, Milberg is investigating whether the Company failed to disclose: (1) the extent of its exposure to the credit markets, and specifically with respect to mortgage-related assets; (2) its true exposure to investments in it held in Fannie Mae, Freddie Mac, Lehman Brothers, and AIG; and (3) the deterioration in its capital position. The investigation is focusing on whether, based on the foregoing, Hartford stock was an imprudent investment for the Plan.
If you have or had an individual account with The Hartford Investment and Savings Plan, and your account holds or held Hartford 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 U.S. federal and state courts. Please visit the Milberg 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 (admitted in New York and Washington State) William Beecher Scoville, Jr. (admitted in Connecticut, New York and the District of Columbia) 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
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