BOSTON, Sept. 10, 2008 (GLOBE NEWSWIRE) -- Shapiro Haber & Urmy LLP (www.shulaw.com) announces that it has commenced an investigation against present and former officers and directors of the Federal National Mortgage Association ("Fannie Mae" or the "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The investigation focuses on investments in Company stock in the Federal National Mortgage Association (Fannie Mae) Employee Stock Ownership Plan (the "Plan").
If you are a participant in the Plan, you may contact attorneys Edward Haber (ehaber@shulaw.com) or Michelle H. Blauner (mblauner@shulaw.com) or paralegal Sophie Horowitz (shorowitz@shulaw.com) via e-mail or at our toll free number: (800) 287-8119, to learn more about your legal rights.
Shapiro Haber & Urmy is investigating whether Fannie Mae's present and former directors and officers, who were fiduciaries to the Plan, breached their fiduciary duties by failing to prudently manage the assets of the Plan. Specifically, Fannie Mae continued to invest Plan assets in Fannie Mae stock when it was no longer prudent for participants' retirement savings as a result of the Company's failure to maintain adequate capital and liquidity, which ultimately led Federal regulators to place the Company into conservatorship on September 8, 2008.
Shapiro Haber & Urmy is a Boston-based litigation firm with over twenty-five years of experience representing individuals in complex civil litigation, including class actions for ERISA violations, securities fraud, consumer fraud and unlawful employment practices. Its trial lawyers have recovered hundreds of millions of dollars for victims of those and other unlawful practices. Shapiro Haber & Urmy is committed to helping employees and retirees protect their retirement savings.