PHILADELPHIA–LAWFUEL – Litigation Newswire – The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action has been filed against Merrill Lynch & Co., Inc. (NYSE:MER) for potential violations of the Employee Retirement Income Security Act of 1974 (“ERISA”). The lawsuit follows the SEC’s announcement of its inquiry into whether Merrill Lynch made deals to hide its exposure to high-risk mortgage debt, ultimately putting the company’s assets and retirement funds at risk.
The focus of the lawsuit is on investments in Merrill Lynch stock by the Merrill Lynch & Co. 401(k) Savings and Investment Plan. The suit alleges that administrators of the Plan breached their fiduciary duties under ERISA to participants and beneficiaries of the Plan by failing to manage the assets of the Plan with prudence and loyalty when they invested in Company stock when it was no longer a prudent investment for participants’ retirement savings.
Current and former employees of Merrill Lynch who hold Merrill Lynch stock in the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan may have a claim to recover losses in their retirement investment. To learn more please contact Spector, Roseman & Kodroff, P.C. at [email protected] for a more thorough explanation.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel Robert M. Roseman or Andrew D. Abramowitz toll-free at 888-844-5862 or e-mail at [email protected] For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, employee benefit, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.