NEW YORK, July 23, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of employees and/or former employees of IndyMac Bancorp. Inc. ("IndyMac" or "the Company") and asserting violations of the Employee Retirement Income Benefits Security Act of 1974 ("ERISA") against the Company and other fiduciaries of the Plan.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you are an employee or a former employee of IndyMac (Pink Sheets:IDMC) who invested in the IndyMac common stock as a part of its 401(k) (the "Plan") from August 16, 2007 to present (the "Class Period") you may have certain rights. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The Complaint alleges that IndyMac and other administrator and fiduciaries of the Plan breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. The administrator and the fiduciaries of the Plan failed to manage the assets of the Plan prudently and loyally, by investing the assets in the Company stock at a time when it was no longer a prudent investment for participants' retirement savings. In particular, IndyMac and the Plan's administrator and fiduciaries continued to invest in IndyMac stock in the Plan, despite knowingly inflating the price of the IndyMac stock by issuing materially false and misleading statements regarding the Company's business and financial results.