SEATTLE, June 30, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced an investigation against MBNA Corp. ("MBNA" or the "Company") (NYSE:KRB) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation is regarding the investments in Company stock by the MBNA Corp. 401(k) Plus Savings Plan (the "Plan").
Keller Rohrback's investigation focuses on concerns that MBNA and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing a significant amount of the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. A breach also may have occurred if the fiduciaries withheld or concealed material information from participants and beneficiaries of the Plan with respect to the Company's business, financial results, and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plan.
If you are a member of the MBNA Corporation 401(k) Plus Savings Plan, or any other plan sponsored by MBNA, and purchased or held MBNA stock through the Plan, you may contact any member of our team, paralegal Jennifer Tuato'o, or attorneys Erin Riley, Derek Loeser, or Lynn Sarko.
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 litigations and was most recently appointed lead counsel in The Marsh & McLennan 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.