NEW YORK, June 26, 2008 (PRIME NEWSWIRE) -- The law firm of Harwood Feffer LLP announces its investigation of possible violations of the Employee Retirement Income Security Act of 1974 ("ERISA") by the American Express Company ("American Express") (NYSE:AXP) and certain of its officers, directors, and employees.
Specifically, Harwood Feffer is investigating whether certain fiduciaries of the American Express Incentive Savings Plan 401(k) (the "Plan") may have breached their fiduciary duties under ERISA to the Plan and its participants and beneficiaries by continuing to invest the Plan's assets in American Express common stock when it was no longer prudent to do so.
On May 19, 2008, a related derivative action complaint was filed in the Supreme Court of the State of New York, County of New York, against American Express, asserting violations of the relevant state laws. According to the complaint, American Express and certain of its officers, directors and employees engaged in knowing, repeated, and systemic violations of criminal and regulatory laws and regulations governing bank secrecy and ani-money laundering activities. The complaint further alleges that after federal and state law enforcement authorities uncovered the serious and knowing control failures of the Company, American Express entered into settlement agreements with authorities that included the filing of deferred criminal charges against the Company and the payment of tens of millions of dollars in fines. Harwood Feffer is investigating, whether, based on the foregoing allegations, American Express common stock was an imprudent investment for the Plan.
If you have or have had an individual account with the American Express Incentive Savings Plan 401(k), and your account holds or held American Express common stock, you may have legal claims under ERISA.
Harwood Feffer has taken a leading role in many important actions on behalf of defrauded Plan participants in 401(k) plans and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website (www.hfesq.com) has more information about the firm. If you wish to discuss this action with us or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Robert I. Harwood, Esq. Tanya Korkhov, Esq. Harwood Feffer LLP 488 Madison Avenue New York, NY 10022 Tel.: (877) 935-7400 E:mail: rharwood@hfesq.com tkorkhov@hfesq.com