NEW YORK, Nov. 17, 2004 (PRIMEZONE) -- Wechsler Harwood LLP today announced that it has filed a class action lawsuit for violations of the Employee Retirement Income Security Act of 1974 ("ERISA") on behalf of participants in the Aon Corporation ("Aon" or the "Company") 401 (k) Savings Plan (the "Plan") in connection with the revelations concerning improper "contingent commissions" and resultant loss of value in Aon stock (NYSE:AOC) held by current and former employees of Aon and its subsidiaries through the Plan. The lawsuit seeks to restore losses in Aon stock to the accounts of Plan participants.
The action, entitled Young v. Aon Corp., et al., Case No. (not yet assigned), is pending in the United States District Court for the Northern District of Illinois, and names as defendants, the Company and certain other named and de facto Plan fiduciaries. A copy of the complaint can be obtained from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The lawsuit alleges that the fiduciaries of the Plan violated their fiduciary duties by investing Plan assets in Aon stock from November 1, 1998 to the present, during which time Aon failed to disclose certain harmful business practices. In particular, Aon had a system of steering unsuspecting clients to insurers with whom it had lucrative payoff agreements, and soliciting rigged bids for insurance contracts. As a result, Aon's stock traded at artificially inflated prices, as demonstrated by the decline in the stock price following the disclosure of these practices.
If you are a current or former employee of Aon or one if its subsidiaries who acquired Aon stock through the Plan between November 1, 1998 and the present, and want to discuss this matter with an attorney, have information relevant to the ongoing investigation, or have any questions concerning this notice, your legal rights or any matter within our expertise, you may e-mail or call Wechsler Harwood using the information provided below or by visiting the firm's website (www.whesq.com). Without obligation or cost to you, Wechsler Harwood will attempt to answer your questions and provide you with pertinent information. Wechsler Harwood has extensive experience in both federal securities and ERISA litigation and has taken a leading role in many important actions on behalf of defrauded investors and employees.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca