MINNEAPOLIS, July 17, 2008 (LAWFUEL) — Charles H. Johnson &
Associates announces that a class action has been commenced against
IndyMac Bancorp, Inc. (Pink Sheets:IDMC) for violations of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). The
Complaint was filed in the U.S. District Court for the Central District
of California on behalf of a class of all persons who were participants
in or beneficiaries of the IndyMac Bank, F.S.B. 401(k) Plan (the
“Plan”) between December 31, 2006 and the present (the “Class Period”)
and whose accounts included investments in IndyMac common stock.
The Complaint alleges that IndyMac and other administrators of the Plan
may have breached their ERISA mandated fiduciary duties of loyalty and
prudence to participants and beneficiaries of the Plan. A breach may
have occurred if the fiduciaries failed to manage the assets of the
Plan prudently and loyally by investing the assets in Company stock
when it was no longer a prudent investment for participants’ retirement
savings. Specifically, IndyMac continued to make and maintain
investments in IndyMac 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.
