SEATTLE, Nov. 22, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. today announced that it is currently investigating The Hartford Financial Services Group Inc. ("Hartford" or the "Company") regarding its service to 401(k) plans as a Service/Investment Providers ("Providers"). In particular our investigation focuses on whether Hartford, in its capacity as a Provider, breached its fiduciary duties under ERISA by, among other things, causing 401(k) plans to incur excessive management and administration fees and/or entering into improper fee sharing arrangements with mutual fund companies that are selected by Hartford. These abuses, though sometimes difficult to detect based on the information given to plan participants, can cost plans millions of dollars and substantially reduce the retirement savings of plan participants.
In many instances, particularly involving small or mid-size companies, plan trustees are not aware of kickback and fee sharing arrangements between Providers and investment companies selected by the Providers. Instead, the trustees are lead to believe that the Providers selected funds based on an objective evaluation of the merits of the funds.
We are also investigating, among others, the following companies to determine if they engaged in improper practices in violation of their fiduciary duties:
Lincoln National Corp. Principal Life Insurance Co.
If you are a plan trustee, other plan fiduciary, or a plan participant and are concerned about your 401(k) plan, or would like more information regarding our 401(k) Excessive and Improper Fee Investigation, you may contact paralegal Jennifer Tuato'o or attorneys Erin Riley, Derek Loeser or Lynn Sarko 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. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA company stock breach of fiduciary duty cases, including the Enron, WorldCom, Inc., Polaroid, HealthSouth, and Marsh & McLennan Companies ERISA cases. 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.