MINNEAPOLIS, July 10, 2008 (LAWFUEL) — Charles H. Johnson &
Associates announces that a class action has been commenced against
Wachovia Corp. (NYSE:WB) 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 Southern District of New York
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 common stock.
The Complaint alleges that Wachovia and the various Defendants breached
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; 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 stock; 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.
