Case Details for "Colonial BancGroup, Inc."

Investigation of Colonial BancGroup for potential ERISA violations

Lawyers are investigating Colonial BancGroup, Inc. ("Colonial" or the "Company") (NYSE:CNB) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The investigation focuses on investments in Company stock in The Colonial BancGroup, Inc. 401(k) Plan.

The investigation involves concerns that Colonial 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.

Posted on:08/07/2009
Company: Colonial BancGroup, Inc.
Affected Class: Participants of The Colonial BancGroup, Inc. 401(k) Plan and who held Colonial common stock in the Plan
Scope: Nationwide

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