ERISA Class Action Targets WaMu

Law360, New York (December 7, 2007, 12:00 AM EST) -- Adding to already formidable legal challenges, Washington Mutual Inc. has been hit with a putative class action brought by employees who accuse the U.S.'s largest savings-and-loan of acting as a poor steward of their 401(k) retirement plans in violation of the Employee Retirement Income Security Act of 1974.

The suit was initiated Nov. 29 in the U.S. District Court for the Western District of Washington. It claimed WaMu breached its fiduciary duty in failing to alert employees that the company's stock, which made up much of...
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