Washington Mutual ERISA
On Jan. 7, 2011 the Honorable Marsha J. Pechman granted final approval of the class-action settlement agreement on behalf of eligible beneficiaries of the Washington Mutual Savings Plan.
Hagens Berman Sobol Shapiro filed a class-action lawsuit against Washington Mutual on behalf of all employees participating in the company's 401(k) plan. The suit claimed the company's CEO, board members and all other fiduciaries failed to adequately monitor the plan and advise participants when the company stock investment was no longer prudent. As a result, employee participants suffered total financial losses in excess of $150 million.
The suit sought to represent all WaMu employees whose 401(k) plan accounts include investments in company stock from April 18, 2006, until present.
The suit claimed that under ERISA, fiduciaries were obligated to eliminate imprudent investment vehicles from 401(k) plans and to warn plan participants of risky investments. Fiduciaries were also responsible to restore any losses to the plan resulting from proven mismanagement.
If you have WaMu stock through the company 401(k) plan and would like to find out more about this settlement, you can contact HBSS by sending an e-mail to firstname.lastname@example.org.
Eligible WaMu Plan participants who did not enroll in the Chase Plan will receive an election form in the mail, giving you the choice of rolling over your settlement distribution into an eligible retirement account, or receiving a check. If you believe you are a class member, please contact us with your updated address.
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