BENSALEM, Pa., Dec. 9, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against the McGraw-Hill Companies, Inc. ("McGraw-Hill" or the "Company") (NYSE:MHP) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The investigation pertains to investments in McGraw-Hill's 401(k) Savings and Profit Sharing Plan and its Subsidiaries and the Standard & Poor's 401(k) Savings and Profit Sharing Plan for Represented Employees (collectively, the "Plans").
The investigation focuses on allegations that McGraw-Hill and other administrators of the Plans breached their fiduciary duties of loyalty and prudence. Specifically, the allegations pertain to whether administrators of the Plans breached their fiduciary duties by failing to manage the assets of the Plans prudently and loyally by continuing to invest assets in Company stock when it was no longer a prudent investment for participants' retirement savings. Moreover, the investigation focuses on whether McGraw-Hill continued to make and maintain investment in McGraw-Hill stock despite the Company's failure to disclose that its subsidiary, Standard & Poor's, had assigned excessively high ratings to bonds backed by subprime mortgages, had conflicts of interest with respect to such ratings, and otherwise acted recklessly, inappropriately and potentially unlawfully with respect to its ratings of bonds backed by subprime mortgages.
If you are a participant in the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries or the Standard & Poor's 401(k) Savings and Profit Sharing Plan for Represented Employees and held McGraw-Hill stock in the Plans and would like to learn more about these claims, or if you have information or wish to discuss these matters or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.