CHAGRIN FALLS, Ohio, March 31, 2005 (PRIMEZONE) -- On March 18, 2005, Scott + Scott, LLC filed a lawsuit on behalf of current and former General Motor ("GM") (NYSE:GM) employees to recover lost retirement benefits. The case is brought on behalf of current and former employees who participated in the following GM ERISA plans:
-- The General Motors Personal Savings Plan for Hourly Rate
Employees
-- The General Motors Savings-Stock Purchase Program for Salaried
Employees
The complaint, the first one of its kind brought on behalf of GM workers, seeks to recover on behalf of current and former employees and/or their beneficiaries who participated in the GM ERISA plans since March 17, 1999. The complaint alleges among other things that General Motors improperly invested billions of dollars in GM stock in employee 401(k) plans, that GM ignored facts that should have alerted them that General Motor's stock was not a wise investment, and that given the high concentration of 401(k) plan assets that were invested in GM stock the defendants should have had in place procedures to ensure that employee retirement funds were not subject to the whims of GM's stock price. Since the end of 2003, GM shares have dropped more than 42%.
If you participated in any of these GM ERISA plans you are eligible to participate in this lawsuit. If you would like more information about this case please contact Neil Rothstein, Esq. via email at nrothstein@scott-scott.com, toll free at 800-332-2259 (PST), or directly at 619-251-0887.
Scott + Scott, a Connecticut-based law firm with offices in Chagrin Falls, Ohio and San Diego, California, is a law firm with a national practice and reputation. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Scott + Scott dedicates itself to client communication and satisfaction. Please visit our website at http://www.scott-scott.com to learn more about the firm, its practice and other cases.
More information on this and other class actions can be found at www.primezone.com/ca