Lead Attorneys from Scott + Scott Appointed In General Motors 401(K) Lawsuit

CHAGRIN FALLS, Ohio, June 17 -- Scott + Scott, LLC (http://www.scott-scott.com/) announced today that it has been appointed co-lead counsel in the General Motors 401(k) lawsuit , with Hagens Berman Sobol Shapiro. Today's announcement affects current and former General Motors employees who suffered losses in either the GM Personal Savings Plan for Hourly Employees or the Savings-Stock Purchase Program for Salaried Employees. If you are a current or former General Motors employee and wish to discuss your rights, or you want to participate in the lawsuit, please call Amy Saba or Neil Rothstein at 800-332-2259 or email (GMlawsuit@scott-scott.com).

ERISA is a federal law that provides remedies to employees and retirees who suffer losses when their employer fails to properly manage their 401(k) plan. The Complaint in the General Motors 401(k) lawsuit alleges that General Motors and certain other Defendants, who oversaw the retirement plans' investments, breached their fiduciary duties to General Motors employees. The Complaint alleges that Defendants: (1) failed to properly manage the Plans' assets by investing the Plans' assets in General Motors stock at a time when they knew or should have known that it was not prudent to do so; (2) made material misrepresentations about General Motors stock and failed to provide complete and accurate information to participants and beneficiaries; (3) failed to monitor those persons or entities who were charged with managing the Plans and their assets; and (4) failed to avoid conflicts of interest with respect to the Plans. The General Motors 401(k) lawsuit is currently pending in Detroit.

Scott + Scott, LLC is a firm that devotes a good part of its practice to representing current and former employees who have lost a significant portion of their retirement savings in 401(k) and/or employee stock ownership plans. The firm's offices are located in Chagrin Falls, Ohio; Colchester, Connecticut; and San Diego, California.