Case Details for "Advanta Corp"

Advanta Corp. being investigated for possible ERISA violations

The investigation of Advanta Corp. (Nasdaq:ADVNB) focuses on potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The investigation focuses on investments in Company stock in the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan (together, the "Plans").

The investigation involves concerns that Advanta and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.

Posted on:10/21/2009
Company: Advanta Corp
Affected Class: Advanta employee participants in the Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan
Scope: Nationwide

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