Hartford Employee Class Actions

This may be just the tip of the iceberg for class actions alleging breach of fiduciary duty under ERISA in stock drop cases. Two more employees have filed lawsuits alleging breach of fiduciary duty against Hartford for keeping the retirement plan invested in company stock despite its subprime mortgage exposure. Hartford is not the only company hit by employee suits for stock drop. Other defendants include: AIG, Bear Sterns, Washington Mutual, IndyMac, Lehman Brothers, Merrill Lynch, Morgan Stanley, Countrywide, Fifth Third Bank, Wells Fargo, and UBS.

Read more on the Hartford case at: http://www.planadviser.com/compliance/article.php/3319