Washington Mutual faces class action suit on alleged ERISA violations

LONDON, Dec. 7, 2007 (Thomson Financial delivered by Newstex) — Washington Mutual (NYSE:WM) Inc employees participating in the company’s 401(k) plan filed a class-action lawsuit, claiming the group 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 of more than 150 mln usd. For more information, follow the link below.