A class action lawsuit has been filed against IndyMac Bancorp, Inc. for violating the Employee Retirement Income Security Act of 1974,(ERISA). The complaint has been filed in the U.S. District Court for the Central District of California. Charles H. Johnson & Associates has filed the lawsuit on behalf of all the participants who are beneficiaries of the IndyMac Bank, F.S.B. 401 Plan between December 31, 2006 and the present and whose accounts included investments in IndyMac common stock.
The Complaint alleges that IndyMac and other administrators of the Plan may have breached their ERISA mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants’ retirement savings.
Readers, if you are a participants of the in the IndyMac Bank, F.S.B. 401(k) Plan, you can please contact,
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685.
Source:foxbusiness
Filed under Class Action, General Law | Tags: California, Charles H. Johnson & Associates, Class Action Lawsuit, ERISA, IndyMac BanCorp, retirement savings | Comment Below
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