SEATTLE, Oct. 8, 2008 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) announces that the Honorable Dean D. Pregerson recently consolidated the IndyMac ERISA cases filed on behalf of the participants and beneficiaries of the IndyMac Bank, F.S.B. 401k Plan (the "Plan"). The Court also appointed Keller Rohrback L.L.P. and Lewis, Feinberg, Lee, Renaker & Jackson, P.C. as Interim Co-Lead Counsel and Braun Law Group, P.C. as Interim Liaison Counsel for the proposed Class.
In re IndyMac ERISA Litigation is currently pending in the United States District Court Central District of California. The litigation is on behalf of a Class of all persons who were participants in or beneficiaries of the Plan between December 31, 2006 and the present (the "Class Period") and whose accounts included investments in IndyMac Bancorp, Inc. ("IndyMac") (Pink Sheets:IDMC) common stock.
Plaintiffs allege that during the Class Period, Defendants breached their fiduciary duties to the Plan's participants and beneficiaries by failing to: (1) prudently and loyally manage the Plan's investment in IndyMac stock; (2) properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; (3) disclose necessary information to co-fiduciaries; (4) provide complete and accurate information to the Class regarding the soundness of IndyMac stock and the prudence of investing and holding retirement contributions in IndyMac equity; and (5) prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring.
If you are a participant or beneficiary in the IndyMac Bank, F.S.B., 401(k) Plan, and held IndyMac stock in your Plan account during the Class Period and have information relevant to this matter or wish to obtain information about the case, you may contact paralegal Jennifer Tuato'o or attorneys Derek Loeser, Lynn Sarko, Erin Riley or Sarah Kimberly toll free at (800) 776-6044, or via e-mail at investor@kellerrohrback.com.
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 serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., Marsh & McLennan, Merrill-Lynch and Washington Mutual. 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.
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More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca/