Wachovia, Execs Hit With ERISA Class Action

Law360, New York (September 21, 2009, 5:09 PM EDT) -- Several participants of Wachovia Bank NA's two retirement savings programs have filed a putative class action accusing the bank and 30 executives of breaching their fiduciary duty by imprudently investing the plans' assets in Wachovia common stock despite the company's deteriorating financial situation.

Eight members of a proposed class of those enrolled in either the Wachovia Savings Plan or the AGE Plan between May 2006 and December 2008 filed their 100-page amended complaint Friday in the U.S. District Court for the Western District of North Carolina,...
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