SAN FRANCISCO, Jan. 10, 2008 (PRIME NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP ("LYS&R") has commenced an investigation relating to National City Corporation ("National City" or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in National City by the National City Corporation 401(k) plans (the "Plans").
LYS&R's investigation focuses on concerns that National City and the Plans' fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plans' participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plans' assets, by among other things, offering National City stock as a plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants 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 Plans.
If you are a member of a National City Corporation 401(k) plan and purchased or held National City stock through the plan(s), you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com.
Liner Yankelevitz Sunshine & Regenstreif LLP is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the first large-scale ERISA 401(k) cases filed. Visit our website at www.californiaclassaction.com.