COLCHESTER, Conn., Nov. 9, 2004 (PRIMEZONE) -- Scott +Scott, LLC (http://www.scott-scott.com ) has filed a class action lawsuit in the United States District Court for the Southern District of New Jersey on behalf of participants and beneficiaries of the Marsh & McLennan Companies (NYSE:MMC) Stock Investment Plan (401(k)). For more information, please e-mail: (MarshERISALitigation@scott-scott.com or nrothstein@scott-scott.com ) or by calling 800-404-7770 (EDT) or 800-332-2259 (PDT). You can dial direct in California at 619-233-4565. Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-4432. The firm is presently co-lead counsel in the Shell/Royal Dutch ERISA Litigation.
Marsh & McLennan Companies, Inc. (MMC) is a global professional services firm. The Company is the parent company of subsidiaries and affiliates that provide clients with analysis, advice and transactional capabilities in the fields of risk and insurance services, investment management and consulting. MMC's risk and insurance services are provided by its subsidiaries and their affiliates as broker, agent or consultant for insureds, insurance underwriters and other brokers on a worldwide basis in the areas of risk management and insurance broking, reinsurance broking and services and related insurance services. Investment management and related services are provided by Putnam Investments Trust and its subsidiaries, and consulting services through Mercer, Inc. In June 2004, the Company formed a new organization merging the administration business of Putnam Investments and Mercer HR Outsourcing to create a unified, full-service global company engaged in human resources outsourcing.
MARSH EXECUTIVES STEP DOWN
Two Marsh & McLennan Cos. executives linked to the insurance market bid-rigging investigation stepped down from their positions, the company said on Monday, the latest in series of personnel changes. Roger Egan was president and chief operating officer of insurance broking unit Marsh Inc. and Christopher Treanor was chairman and chief executive officer of Marsh Inc.'s Global Placement. Both are still employed by the company, a spokesman said. The company also said General Counsel William Rosoff has stepped down. All three will help with a transition, the spokesman said. None were made available for comment.
The complaint alleges that defendants Marsh & McLennan Companies; its Employee Benefits Policy Committee, and certain of its officers and directors breached their duties under ERISA (Employee Income Security Act) by, among other things: (1) failing to properly manage the Plans' assets by imprudently investing a significant amount of the Plans' assets in Merck stock; (2) failing to provide complete and accurate information to participants and beneficiaries; (3) failing to monitor those defendants who were charged with managing the Plans and their assets; and (4) failing to avoid conflicts of interest with respect to the Plans.
Specifically, Plaintiff alleges that the Defendants, responsible for the investment of the assets of the Plans, breached their fiduciary duties to Plaintiff in violation of ERISA (Employee Retirement Income Security Act) by failing to prudently and loyally manage the Plans' investment in Marsh McClellan stock. Next, Plaintiff alleges that Defendants who communicated with participants regarding the Plans' assets, or had a duty to do so, failed to provide participants with complete and accurate information regarding Marsh stock sufficient to advise participants of the true risks of investing their retirement savings in Marsh stock. Plaintiff also alleges that Defendants, responsible for the selection, removal, and, thus, monitoring of the Plans' fiduciaries, failed to properly monitor the performance of their fiduciary appointees and remove and replace those people whose performance was inadequate. Finally, Plaintiff alleges that Defendants breached their duties and responsibilities to avoid conflicts of interest and serve the interests of the participants in and beneficiaries of the Plans with undivided loyalty.
As a result of Defendants' fiduciary breaches the Plans have suffered substantial losses, resulting in the depletion of hundreds of millions of dollars of the retirement savings and anticipated retirement income of the Plans' participants. Under ERISA, the breaching fiduciaries are obligated to restore to the Plans the losses resulting from their fiduciary breaches. If you are a member of one of the Plans and wish to discuss this announcement, are interested in actively participating in this litigation with others, and/or have information relevant to the ongoing investigation, please contact:
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, with a national practice and reputation. Scott + Scott dedicates itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Please visit our website at http://www.scott-scott.com to learn more about the firm, its practice and other cases. If you wish to discuss this action with an attorney or have any questions concerning this notice, your rights or any matter within our expertise, please contact attorney Neil Rothstein at nrothstein@scott-scott.com or by calling 800-404-7770 (EDT) or 800-332-2259 (PDT). You can dial direct in California at 619-233-4565. Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-4432.
LAW FIRM DEDICATION TO PENSION FUND PARTICIPANTS AND SHAREHOLDERS
Scott + Scott, LLC, which prides itself on its dedication to the class and its tenacity for the interest of the class, recently won an important decision in the Halliburton Securities Litigation (NYSE:HAL) case on behalf of its Lead Plaintiff halting a settlement that was deemed inadequate by the Court and completed secretly behind its lead plaintiff's back (a non-profit charitable organization). Scott + Scott. LLC fought this battle to successfully have final approval denied. This unusual procedural victory took over a year and a half: http://www.washingtonpost.com/wp-dyn/articles/A13102-2004Sep10.html or http://www.taipeitimes.com/News/biz/archives/2004/09/12/2003202628 . Additionally, as co-lead counsel, the firm recently defeated a motion to dismiss the securities class action complaint filed against priceline.com, Inc. (NASDAQ:PCLN).
OTHER SCOTT + SCOTT LITIGATION NEWS
INSURANCE LITIGATION: Scott + Scott is also currently working on matters involving the recent insurance scandals including THE HARTFORD (NYSE:HIG), AMERICAN INTERNATIONAL GROUP (NYSE:AIG), Aon CORP. (NYSE: AOC), ACE, Ltd. (NYSE:ACE), Marsh & McLennan (NYSE:MMC) and others.
SECURITIES LITIGATION: Shareholders Securities matters pending or under investigation include Symbol Technologies (NYSE: SBL). Symbol Technologies Inc. said Monday it would revise previously reported revenue and earnings per share figures for the first nine months of 2004, following the discovery of discrepancies in reported inventory levels. The company, a leading maker of bar-code scanners, said it has delayed by two weeks the filing of its quarterly financial report with the Securities and Exchange Commission and may have to amend one or both of its previously filed reports for 2004. Symbol revised reported revenue for the nine months ended Sept. 30 downward to $1.282 billion from the previously announced $1.295 billion. The revised figure for year-to-date earnings per share is 22 cents, down 2 cents from the 24 cents previously reported. The stock dropped over 7 percent on this news Monday.
Other companies include Converium Holding AG (NYSE:CHR), Star Gas (NYSE:SGU) (Nasdaq:SHG), IVAX (AMEX:IVX), Chiron Corp. (Nasdaq:CHIR), SOURCECORP (Nasdaq:SRCP), Autobytel, Inc. (Nasdaq:ABTL) and more.
Further, Scott + Scott, LLC is also currently working on other ERISA/PENSION cases including one against the St. Paul Travelers Companies, Inc. (NYSE:STA) and Merck & Co. Pension Plan Litigation (NYSE:MRK).
More information on this and other class action lawsuits can be found at the Class Action Newsline at www.primezone.com/ca