CINCINNATI, Jan. 9, 2008 (PRIME NEWSWIRE) -- The Cincinnati law firm of Statman, Harris & Eyrich, LLC announces it is investigating Huntington Bancshares Incorporated (NYSE:HBAN) ("Huntington" or "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA") relating to the Huntington Investment and Tax Savings Plan (the "Plan"). The investigation into potential violations of the law and breaches of important duties of trust and prudence owed to plan participants' accounts by plan fiduciaries by offering Huntington stock as an investment option under the Plan when it was not prudent to do so, and/or by allowing an imprudent overconcentration of Huntington stock in the Plan.
In particular, this investigation focuses on whether Plan fiduciaries breached their fiduciary duties of loyalty and prudence to the Plan and its participants by, inter alia: (a) by offering Huntington stock as an investment option after Huntington acquired more than $1.5 billion in exposure to subprime mortgages with its July 20, 2007 acquisition of Sky Financial Group, Inc. and (b) otherwise permitting the Plan to be invested in Huntington common stock when it was imprudent to do so.
Current and former employees of Huntington, who hold Huntington stock in the Huntington Investment and Tax Savings Plan, may have a claim to recover losses in their retirement investment. If you are interested in protecting the value of your investment, you are encouraged to e-mail or call Jeffrey P. Harris, Esq. by telephone at (513) 621-2666 or (888) 876-7881, or via e-mail at jharris@statmanharris.com, without obligation or cost to you, for further information.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois, Cincinnati, Ohio, and Dayton, Ohio. www.statmanharris.com