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Article: Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Participants in the Advanta Corp. Employee Savings Plan or the Advanta Employee Stock Ownership Plan.
- Article from:
- Biotech Week
- Article date:
- November 4, 2009
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Law office of Brodsky & Smith, LLC announces that it is investigating the investment by Advanta Corp. ("Advanta" or the "Company") (Nasdaq: ADVNB) of Plan participants' and beneficiaries' assets in company stock. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 ("ERISA") by investing assets in company stock when it was not a prudent investment for participants' retirement savings (see also Brodsky & Smith, LLC).
Advanta, through a subsidiary, was formerly one of the nation's largest issuers of MasterCard and Visa credit cards to small businesses in the United ...