US -The National City bank faces class action investigation and possible legal action following allegations of fiduciary mismanagement over the handling of its 401(k) retirement scheme.
The plaintiffs alleged the scheme fiduciaries may have withheld or concealed important financial information about the company, misleading participants into continuing to make contributions at a time when it was not in their interests to do so.
National City is one of the ten largest US banks by deposit value.
National City dismissed the action as a 'publicity' event for the attorneys and issued the following statement: "The National City Savings and Investment Plan provides diverse investment options for employees and a generous employee match."
"The plan operates in full compliance with all regulatory and reporting requirements, with extensive and consistent disclosures communicated to plan participants. Any claim to the contrary is simply unfounded and untrue."
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