COLCHESTER, Conn., March 17, 2008 LAWFUEL – Legal Newswire — Recent reports by The Bear Stearns Companies, Inc. (NYSE:BSC) have driven the price of Bear Stearns stock to roughly 99% below what it was just months ago. On behalf of Bear Stearns Employee Stock Ownership Plan participants,
Scott+Scott, LLP is investigating potential attendant violations of the
Employee Retirement Income Security Act of 1974 (“ERISA”).
The investigation concerns whether fiduciaries at Bear Stearns who managed the Bear Stearns Employee Stock Ownership Plan breached fiduciary duties owed to retirement Plan participants. A fiduciary breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and with loyalty by investing Plan assets in Company stock when it was no longer an appropriate investment for employees at the firm. Unfortunately, employees at Bear Stearns who had money invested in Bear Stearns stock have seen their holdings in company stock drop by over 99%, wiping out a huge portion of their retirement savings.
Scott+Scott is also investigating several other financial firms for
possibly breaching their ERISA-mandated duties, including Bank of America (NYSE:BAC) and Wachovia Corp. (NYSE:WB). Members of the 401(k) plans of these companies have also seen their retirement holdings in company stock drop by more than 50%.
If you are a member of the Bear Stearns Employee Stock Ownership Plan, or a member of any of the 401(k) plans at either Bank of America or Wachovia, and wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537) or visit the
Scott+Scott website, http://www.scott-scott.com, for more information.
There is no cost or fee to you.
Scott+Scott, is a law firm with significant experience in prosecuting
investor and employee class actions. The firm currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States and represents pension funds, foundations, individuals and other entities worldwide.
