LOS ANGELES, Dec. 11, 2008 (GLOBE NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP ("LYS&R") is investigating claims relating to the Tribune Company ("Tribune" or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on the Company's Employee Stock Ownership Plan ("ESOP").
LYS&R's investigation involves whether Tribune and the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets, by among other things, causing the ESOP to purchase overvalued Company stock when the Company was overleveraged, over-encumbering the ESOP with debt, and continuing to purchase and/or hold Company stock after doing so was no longer prudent given the financial condition of the Company. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plan's participants with respect to the Company's business, financial results and operations.
If you are a member of the ESOP and would like to discuss this matter or provide information relevant to our investigation, you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com.
LYS&R is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the first large-scale ERISA company stock cases filed. Visit our website at www.californiaclassaction.com.