SEATTLE, Oct. 27, 2004 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced a class action against Marsh & McLennan Companies Inc. ("MMC" or the "Company") (NYSE:MMC) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The lawsuit was filed in the United States District Court for the Southern District of New York. The class action focuses on investments in MMC stock by the Marsh & McLennan Companies Stock Investment Plan (the "Plan") between October 18, 1999 through the present (the "Class Period").
Specifically, the Plaintiffs allege in the Complaint: (1) that Defendants breached their fiduciary duties to Plaintiffs in violation of ERISA by failing to prudently and loyally manage the Plan's investment in MMC stock by continuing to offer MMC stock as an investment option and match in MMC stock when the stock no longer was a prudent investment for participants' retirement savings; (2) that Defendants who communicated with participants regarding the Plan's assets, or had a duty to do so, failed to provide participants with complete and accurate information regarding MMC stock sufficient to advise participants of the true risks of investing their retirement savings in MMC stock; (3) that Defendants, responsible for the selection, removal, and, thus, monitoring of the Plan's fiduciaries, failed to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; (4) that Defendants breached their duties and responsibilities as co-fiduciaries in the manner and to the extent set forth in the Complaint; and lastly, (5) Plaintiffs state a claim against MMC for knowing participation in the fiduciary breaches alleged in the Complaint.
Plaintiffs have alleged that during the Class Period, Defendants imprudently permitted the Plan to hold and acquire hundreds of millions of dollars in MMC stock. They did so despite the fact that Defendants knew or should have known that MMC and/or its wholly-owned subsidiaries were engaging in highly risky and inappropriate bid rigging and price fixing, which artificially inflated the value of MMC stock, and, thus, that MMC stock no longer was a prudent and appropriate investment for participants' retirement savings. Defendants' breaches alleged in the Complaint caused the Plan to incur enormous losses.
If you are a member of the Marsh & McLennan Companies Stock Investment Plan, or any other MMC sponsored 401(k) Plan that made investments in MMC stock, and purchased or held MMC stock through the Plan, you may contact paralegal Jennifer Tuato'o, or any member of our team, Erin Riley, Derek Loeser or Lynn Sarko, toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is also currently investigating the following insurance companies that have been implicated in MMC's bid rigging scheme for ERISA violations: ACE, USA (NYSE:ACE-News); and The Hartford Financial Services Group, Inc. (NYSE: HIG-News).
In addition, Keller Rohrback is investigating the following companies for ERISA violations: Merck & Companies, Inc. (NYSE:MRK); Krispy Kreme Doughnuts, Inc. (NYSE:KKD); and Aquila, Inc. (NYSE:ILA).
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Lucent and IKON ERISA breach of fiduciary duty cases--the first large-scale ERISA 401(k) cases filed. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA breach of fiduciary duty cases, including the Enron and WorldCom, Inc. ERISA cases, and was most recently appointed lead counsel in The Goodyear Tire & Rubber Company ERISA Litigation. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.