SEATTLE, Wash., April 5, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced a class action against Delphi Corp. ("Delphi" or the "Company") (NYSE:DPH) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The lawsuit was filed in the United States District Court for the Eastern District of Michigan. The class action focuses on investments in DPH stock by the Delphi Savings-Stock Purchase Program for Salaried Employees (the "Plan") from May 28, 1999, through March 11, 2005 (the "Class Period").
Specifically, the Plaintiffs allege in the Complaint: (1) the Defendants who administered the Plan had a duty to disclose to and inform the other fiduciaries of the Plan of information, which the other fiduciaries reasonably needed to know to fulfill their fiduciary duties to Plan participants and beneficiaries; (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 DPH stock sufficient to advise participants of the true risks of investing their retirement savings in DPH stock; (3) that Defendants made affirmative, material misrepresentations to the participants and beneficiaries of the Plan about the appropriateness of investing in Company stock and about Delphi's financial condition through incorporation of the material, untruthful information contained in the Company's SEC filings into the Plan's summary plan description; and (4) that Defendants breached their fiduciary duties to Plaintiffs in violation of ERISA by failing to prudently and loyally manage the Plan's investment in DPH stock when the stock was no longer a prudent investment for participants' retirement savings.
If you are a member of the Delphi Savings-Stock Purchase Program for Salaried Employees, or any other Delphi sponsored 401(k) Plan, and purchased or held Delphi stock through the 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.
For more information on class action lawsuits visit the Class Action Newsline at www.primezone.com/ca.