LOS ANGELES, June 23, 2008 (PRIME NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP ("LYS&R") has commenced an investigation relating to Fifth Third Bankcorp ("Fifth Third" or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation centers on investments in Fifth Third stock in the Fifth Third Bankcorp Master Profit Sharing Plan (the "Plan").
LYS&R's investigation focuses on concerns that Fifth Third and the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets by, among other things, offering Fifth Third stock as a Plan investment option, requiring participants to invest in the stock, and/or 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 Plan's 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 Plan.
If you are a member of the Plan and would like to discuss this matter or provide information relevant to our investigation, you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com.
LYS&R 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