MINNEAPOLIS, July 10, 2008 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced against Wachovia Corp. (NYSE:WB) for violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Complaint was filed in the U.S. District Court for the Southern District of New York on behalf of a class of all persons who were participants in or beneficiaries of the Wachovia Savings Plan (the "Plan") between January 23, 2007 and the present (the "Class Period") and whose accounts included investments in Wachovia common stock.
The Complaint alleges that Wachovia and the various Defendants breached fiduciary duties owed to Plan participants and beneficiaries by: 1) failing to prudently and loyally manage the Plan's investment in Wachovia stock; 2) failing to properly monitor the performance of their fiduciary appointees; 3) failing to disclose necessary information to co-fiduciaries; 4) failing to provide complete and accurate information to the Class regarding the soundness of Wachovia stock and the prudence of investing and holding retirement contributions in Wachovia stock; 5) failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring; and 6) knowingly participating in breaches.
If you are a participant in the Wachovia Savings Plan and held Wachovia stock in the Plan, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neil Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685