SEATTLE, March 8, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it is investigating Delphi Corp. ("Delphi" or the "Company") (NYSE:DPH) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Company stock by the Delphi Savings-Stock Purchase Program for Salaried Employees, the Delphi Personal Savings Plan for Hourly-Rate Employees, the Delphi Mechatronic Systems Savings-Stock Purchase Program, the ASEC Manufacturing Savings Plan, and the Income Security Plan for Hourly-Rate Employees (the "Plans") from January 1, 1999, through the present (the "Class Period").
Keller Rohrback's investigation focuses on concerns that Delphi Corp. and other fiduciaries for the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by, among other things, continuing to offer their own Company stock as a Plan investment option and investing and holding employee and matching contributions in the stock at a time when they knew or should have known that the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries failed to disclose complete and accurate information to employees regarding the Company's business and financial results and operations, such that they could make informed decisions regarding investment in Delphi stock.
If you are a member of one of the Delphi-sponsored 401(k) Plans and purchased or held stock through that Plan, you may contact any member of our team (paralegal Jennifer Tuato'o or attorneys Derek Loeser or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
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, WorldCom, Inc. and HealthSouth ERISA cases. Recently, Keller Rohrback was appointed lead counsel in the Marsh & McLennan Companies ERISA case. 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.