MINNEAPOLIS, Nov. 19, 2008 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. today announced that it has commenced an investigation against The PMI Group, Inc. ("PMI" or the "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in PMI stock by The PMI Group, Inc. Savings and Profit-Sharing Plan and the PMI Alternate 401(k) Plan (the "Plans").
The investigation focuses on concerns that PMI and other administrators of the Plan may have breached their ERISA mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. PMI continued to make and maintain investment in PMI 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 PMI Group, Inc. Savings and Profit-Sharing Plan or The PMI Alternate 401(k) Plan and held PMI stock in one of those Plans, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Karen H. Riebel, Esq. (khriebel@locklaw.com) Carey R. Baehman (crbaehman@locklaw.com) Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South, Suite 2200 Minneapolis, MN 55401 (612) 339-6900