NEW YORK, Aug. 21, 2009 (GLOBE NEWSWIRE) -- Milberg LLP is investigating possible illegal conduct relating to the Colonial BancGroup, Inc. 401(k) Plan (the "Plan"). Specifically, Milberg LLP 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 and maintain the common stock of Colonial BancGroup, Inc. ("Colonial") (NYSE:CNB) as a Plan investment when it was imprudent to do so, and (2) by failing to disclose Colonial's true financial condition to the Plan's participants.
If you have or had an individual account with the Colonial BancGroup, Inc. 401(k) Plan, and your account(s) holds or held Colonial 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. The Firm has offices in New York City, Los Angeles, Tampa, and Detroit. 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 and/or fill out the enclosed form:
Lori G. Feldman
Arvind Khurana
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: LFeldman@milberg.com
AKhurana@milberg.com
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