NEW YORK, April 4, 2008 (PRIME NEWSWIRE) -- Stull, Stull & Brody has filed a complaint against Bear Stearns Companies, Inc. (NYSE:BSC) ("Bear" or the "Company") and others in the United States District Court for the Southern District of New York for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The complaint is brought on behalf of employees and former employees of Bear who maintained their retirement funds or investments in the the Bear Stearns Companies Inc. Employee Stock Ownership Plan at any time from December 31, 2006 through March 17, 2008, inclusive. Defendants include the Company, the Finance and Risk Committee of the Board of Directors and its members, the Plan Executive Committee, and other fiduciaries of the Plan, including various officers and directors of Bear.
The Complaint challenges, among other conduct, defendants' breaches of fiduciary duty, and defendants allowing employees of Bear to invest their retirement savings in the common stock of Bear at a time when the fiduciaries, officers and directors of Bear responsible for the Plan, knew or should have known that Bear's financial and operating condition was being seriously damaged by its highly volatile and unsafe investments made by or with the direct approval of the same executives who were charged with the safe investment of the retirement funds of its employees in the Plan. This conflict of interest, imprudent investment strategy, failure to disclose and failure to inform the Plan's participants all caused substantial losses.
If you have maintained retirement funds in the Company's ESOP at anytime from December 31, 2006 to March 17, 2008, inclusive, and wish to discuss this action, or have any questions concerning this notice or your rights or interests with respect to this matter, you may, if you wish, consult with a representative of Stull, Stull & Brody at no cost or obligation. The contact information for Stull, Stull & Brody is as follows:
Email: email@example.com Fax: (212) 490-2022 Toll Free Number: 1-800-337-4983 (Howard Longman, Esq. or Edwin J. Mills, Esq. or Michael J. Klein, Esq.) Mail: Stull, Stull & Brody 6 East 45th Street New York, NY 10017
Stull, Stull & Brody has extensive experience in protecting the rights of 401(k) plan participants and beneficiaries and shareholders of public companies. Stull, Stull & Brody is presently representing classes of 401(k) plan participants in many class action cases throughout the country. Stull, Stull & Brody maintains offices in New York and Los Angeles.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.
CONTACT: Stull, Stull & Brody 1-800-337-4983