PHILADELPHIA April 18, 2005- LAWFUEL – The Law News Network -Goldman Scarlato & Karon, P.C., a law firm with offices in Philadelphia, PA and Cleveland, OH, today announced that a lawsuit has been commenced against General Motors Corporation (“GM” or the “Company”) (NYSE:GM – News) for violations of the Employee Retirement Income Security Act of 1974 (“ERISA”). The lawsuit focuses on investments in Company stock by the GM Employee Retirement Plan (‘the Plan”) between March 17, 1999 and the present.
The lawsuit focuses on concerns that GM and other fiduciaries for the Plan breached their ERISA-mandated fiduciary duties of loyalty and prudence by failing to prudently and loyally manage the Plans’ assets. More specifically, the lawsuit concerns the investing of a significant amount of the Plan’s assets in GM stock when it no longer was a prudent investment for participants’ retirement savings; the failing to monitor and provide fiduciary appointees with information that the fiduciaries knew or should have known that the monitored fiduciaries needed in order to prudently manage the Plan assets; and that GM may have failed to provide complete and accurate information to participants and beneficiaries regarding GM’s business prospects and financial performance as a result of, among other problems, its failure to disclose certain transactions with Delphi.
If you are a member of the Plans and purchased or held GM stock through the Plan, you may contact one of our representatives at [email protected]
Mark S. Goldman, Esq., 888-753-2796