In Re Wachovia 2008 ERISA Litigation
July 2008 - A class action filed in the U.S. District Court for the Southern District of New York on behalf of participants and beneficiaries of the Wachovia Savings Plan for violations of the federal pension law (ERISA) in connection with the loss of value in Wachovia stock acquired and held by present and former employees of Wachovia through the Plans. The goal of this litigation is to recover damages sustained by the participants and beneficiaries of the Plans.
Plaintiffs claims as detailed in the complaint arise out Wachovia’s misrepresentations and failures to disclose material adverse information concerning Wachovia’s massive risks and liabilities arising out of its structured and mortgage lending business.