SEATTLE, July 29, 2008 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) announces that on July 24, 2008, U.S. District Judge Marsha J. Pechman issued an order certifying a class of participants in the pension plans sponsored by Washington Mutual, Inc. ("Washington Mutual" or the "Company") (NYSE:WM) and three predecessor banks in the U.S. District Court for the Western District of Washington. This class action suit alleges that Washington Mutual and the predecessor banks failed to provide adequate notice to plan participants that pension plan amendments involving conversions to cash balance plan formulas reduced their rate of future benefit accrual. The certified subclasses include:
* All participants, whether active, inactive, or retired, their beneficiaries and estates, who were participants in and entitled to accrue benefits under the Washington Mutual Retirement Plan for Employees immediately prior to January 1, 1987, and whose accrued benefits or pension benefits are based in whole or in part on the Washington Mutual Cash Balance Pension Plan's cash balance formula, from January 1, 1987 to the present; * All participants, whether active, inactive, or retired, their beneficiaries and estates, who were participants in and entitled to accrue benefits under the Great Western Retirement Plan immediately prior to January 1, 1997, and whose accrued benefits or pension benefits are based in whole or in part on the cash balance formulas of the Great Western Retirement Plan and/or the Washington Mutual Cash Balance Pension Plan, from January 1, 1997 to the present; * All participants, whether active, inactive, or retired, their beneficiaries and estates, who were participants in and entitled to accrue benefits under the Retirement Plan of Dime Bancorp, Inc. immediately prior to April 1, 2002, and whose accrued benefits or pension benefits are based in whole or in part on the Washington Mutual Cash Balance Pension Plan's cash balance formula, from April 1, 2002 to the present; and * All participants, whether active, inactive, or retired, their beneficiaries and estates, who were participants in and entitled to accrue benefits under the Pension Plan for Employees of Pacific First Bank immediately prior to April 1, 1994, and whose accrued benefits or pension benefits are based in whole or in part on the Washington Mutual Cash Balance Pension Plan's cash balance formula, from April 1, 1994 to the present.
The class action includes current and former Washington Mutual employees, who were participants in the pension plans of Washington Mutual, Pacific First, Great Western, or Dime at the dates identified above. If you were a participant in any of these Plans during the above-mentioned dates you are a member of the Class regardless of whether you have not yet taken your benefit from the Plan, are currently drawing an annuity from the Plan, or received a lump sum payment of your pension benefits from the Plan.
Judge Pechman declined to include in the class participants in the H.F. Ahmanson & Company Retirement Plan, because of the absence of a named plaintiff who had been a participant in the Ahmanson Plan. If you were a participant in the H.F. Ahmanson Plan at the time of its July 1, 1999 merger into the Washington Mutual Pension Plan and conversion to a cash balance plan, and you are interested in learning more about the specifics of this litigation, you may contact attorneys Karin Swope, Amy Williams-Derry or Derek Loeser toll free at 800-776-6044, or via e-mail at ERISAClaim@KellerRohrback.com.
We are also investigating related pension claims against Washington Mutual. If you terminated your employment with Washington Mutual between the years of 1987 and 1994, and took a lump sum from your Washington Mutual Cash Balance Pension Plan account, and you are interested in becoming involved in this litigation, you may contact one of the attorneys listed above.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/