LOS ANGELES, June 5, 2008 (LAWFUEL) — Liner Yankelevitz
Sunshine & Regenstreif LLP (“LYS&R”) has commenced an investigation
relating to Wachovia Corporation (“Wachovia” or the “Company”) and
potential violations of the Employee Retirement Income Security Act of
1974 (“ERISA”). The investigation focuses on investments in Wachovia in
the Wachovia Savings Plan (the “Plan”).
LYS&R’s investigation focuses on concerns that Wachovia and the Plan’s
fiduciaries may have breached their fiduciary duties of loyalty and
prudence to the Plan’s participants. A breach may have occurred if the
fiduciaries failed to prudently manage the Plan’s assets, by among
other things, offering Wachovia stock as a Plan investment option,
requiring participants to invest in the stock, investing and holding
Company contributions in the stock at a time when the stock was not a
suitable and appropriate investment option, causing the plan to incur
excessive management and administration fees, entering into improper
fee-sharing arrangements with mutual fund companies, and selecting
mutual fund investments based on self-interest. A breach also may have
occurred if the fiduciaries withheld or concealed material information
from the Plan’s participants with respect to the Company’s business,
financial results, and operations, thereby encouraging participants and
beneficiaries to continue to make and maintain substantial investments
of Company stock in the Plan.
If you are a member of the Wachovia Savings Plan and would like to
discuss this matter or provide information relevant to our
investigation, you may contact any member of our team toll free at
(866) 620-6722, or via e-mail at classaction@linerlaw.com.
LYS&R is one of America’s leading law firms handling ERISA retirement
plan litigation. Our attorneys helped pioneer this field in the
Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the
first large-scale ERISA 401(k) cases filed. Visit our website at
www.californiaclassaction.com.
