MINNEAPOLIS, June 1, 2007 LAWFUEL – The Law News Wire — Earlier this week, Lockridge Grindal Nauen P.L.L.P. filed a class action in the United States District Court for the Central District of California against Fremont General Corporation (“Fremont”) (NYSE:FMT) for violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) from January 1, 2005 to the present (the “Class Period”). This is a class action brought on behalf of participants in two 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 lawsuit alleges that, as a consequence of the 401(k) plan’s investment in company stock, employee-participants have suffered millions of dollars in losses to their retirement savings while Fremont top executives were dumping their own Fremont stock. Plaintiffs allege that Defendants violated their fiduciary duties to the Plans during the Class Period by allowing imprudent investment of the Plans’ assets in Fremont Stock when they knew or should have known that such investment was improperly risky and irresponsible in light of the Company’s improper business practices.
Plaintiffs seek to recover damages on behalf of the Class and are represented by Lockridge Grindal Nauen P.L.L.P. If you have questions about the lawsuit or would like to discuss it with an attorney, please call or e-mail:
Karen H. Riebel, Esq. ([email protected])
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401