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Keller Rohrback L.L.P. Announces ERISA Class Action Filed On Behalf of The Colonial Bancgroup 401(k) Plan -- CBCGQ

2009-09-02 19:37 ET - News Release

SEATTLE, Sept. 2, 2009 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that the firm has filed an ERISA class action complaint on behalf a class of all persons who were participants in or beneficiaries of The Colonial BancGroup 401(k) Plan (the "Plan"), between April 18, 2007 and the present (the "Class Period") and whose accounts included investments in The Colonial BancGroup, Inc. (PinkSheets:CBCGQ) common stock.

The complaint, which was filed in the United States District Court for the Middle District of Alabama, alleges that during the Class Period, Defendants breached their fiduciary duties to Plaintiff and the Class by: (1) failing to prudently and loyally manage the Plan's assets; (2) failing to monitor fiduciaries; (3) failing to provide complete and accurate communications to the Plan's participants and beneficiaries; and (4) knowingly participating in or enabling another fiduciary's breaches.

If you are a participant in The Colonial BancGroup, Inc. 401(k) Plan and held Colonial common stock in the Plan during the Class Period and you would like information regarding this matter, you may contact paralegal Jennifer Tuato'o or attorneys Sarah Kimberly, Erin Riley, Derek Loeser, or Lynn Sarko toll free at (800) 776-6044, or via e-mail at investor@kellerrohrback.com. You may also visit our website at www.erisafraud.com for additional information.

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