LOS ANGELES, June 6 LAWFUEL – The Law Newswire — On May 31, 2007, Cuneo Gilbert & LaDuca, LLP filed an ERISA class action in the United States District Court for the Central District of California against Fremont General Corporation (“Fremont”). The lawsuit seeks class action status on behalf of participants in two of Fremont’s pension plans, the Fremont General Corporation Employee Stock Ownership Plan (“ESOP”) and the Fremont General Corporation and Affiliated Companies Investment Incentive Plan (“401(k) Plan”). The class period alleged in the complaint is from January 1, 2005 to the present time.
The seven named plaintiffs in the case claim that Fremont and the other named Defendants in the case breached their fiduciary duties with respect to the retirement plans by allowing the investment of employee-participant account balances in Fremont stock and by other related acts. The complaint alleges that employee-participants have suffered millions of dollars in losses to their retirement savings.
Plaintiffs are represented by Cuneo Gilbert & LaDuca, LLP. For further information, please contact Jon A. Tostrud, Esq. of Cuneo Gilbert & LaDuca’s Los Angeles office at 310-418-8262 ([email protected]).