SEATTLE, Jan. 20, 2009 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) announces that the Honorable Naomi Reice Buchwald has appointed Keller Rohrback as Interim Lead Counsel for the proposed Class in In Re Wachovia Corporation ERISA Litigation. The ERISA case, which was previously consolidated by Judge Buchwald, is pending in the U.S. District Court for the Southern District of New York. The Complaint was filed on behalf of a Class of all persons who were participants in or beneficiaries of the Wachovia Savings Plan (the "Plan") between January 23, 2007 and the present (the "Class Period") and whose accounts included investments in Wachovia Corp. ("Wachovia") (NYSE:WFC) common stock.
The Complaint alleges that Wachovia and the various defendants breached their fiduciary duties owed to Plan participants and beneficiaries by: (1) failing to prudently and loyally manage the Plan's investment in Wachovia stock; (2) failing to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; (3) failing to disclose necessary information to co-fiduciaries; (4) failing to provide complete and accurate information to the Class regarding the soundness of Wachovia stock and the prudence of investing and holding retirement contributions in Wachovia equity; (5) failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring; and (6) knowingly participating in breaches.
If you are a participant or beneficiary in the Wachovia Savings Plan and held Wachovia stock in your Plan account, and have information relevant to this matter or wish to obtain information about the case, you may contact paralegal Jennifer Tuato'o or attorneys Erin Riley, Derek Loeser, or Lynn Sarko toll free at 800-776-6044, or via email at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., Marsh & McLennan, Merrill-Lynch, Washington Mutual, and Bear Stearns. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca/
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