NEW YORK, June 26, 2008 (LAWFUEL) — The law firm of Harwood
Feffer LLP announces its investigation of possible violations of the
Employee Retirement Income Security Act of 1974 (“ERISA”) by the
American Express Company (“American Express”) (NYSE:AXP) and certain of
its officers, directors, and employees.
Specifically, Harwood Feffer is investigating whether certain
fiduciaries of the American Express Incentive Savings Plan 401(k) (the
“Plan”) may have breached their fiduciary duties under ERISA to the
Plan and its participants and beneficiaries by continuing to invest the
Plan’s assets in American Express common stock when it was no longer
prudent to do so.
On May 19, 2008, a related derivative action complaint was filed in the
Supreme Court of the State of New York, County of New York, against
American Express, asserting violations of the relevant state laws.
According to the complaint, American Express and certain of its
officers, directors and employees engaged in knowing, repeated, and
systemic violations of criminal and regulatory laws and regulations
governing bank secrecy and ani-money laundering activities. The
complaint further alleges that after federal and state law enforcement
authorities uncovered the serious and knowing control failures of the
Company, American Express entered into settlement agreements with
authorities that included the filing of deferred criminal charges
against the Company and the payment of tens of millions of dollars in
fines. Harwood Feffer is investigating, whether, based on the foregoing
allegations, American Express common stock was an imprudent investment
for the Plan.
If you have or have had an individual account with the American Express
Incentive Savings Plan 401(k), and your account holds or held American
Express common stock, you may have legal claims under ERISA.
Harwood Feffer has taken a leading role in many important actions on
behalf of defrauded Plan participants in 401(k) plans and has recovered
hundreds of millions of dollars in those efforts. The Harwood Feffer
website (www.hfesq.com) has more information about the firm. If you
wish to discuss this action with us or have any questions concerning
this notice or your rights and interests with regard to the case,
please contact the following:
Robert I. Harwood, Esq.
Tanya Korkhov, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, NY 10022
Tel.: (877) 935-7400