Current and former employees of Hartford Financial Services Group may not have been properly informed of the risks of holding Hartford stock in their Hartford-sponsored retirement plan, causing severe losses.
Investigation and potential class action lawsuit against Hartford Financial Services Group on behalf of current and former employees that have or had an individual account with The Hartford Investment and Savings Plan, and the retirement account holds or held Hartford common stock.
The investigation is looking into whether Hartford Financial may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). Violations may have occurred in at least two ways:
(1) by continuing to offer Hartford common stock as a Plan investment when it was imprudent to do so, and
(2) by maintaining the Plan's investment in Hartford stock in the Plan when it was imprudent to do so.
The investigation includes an analysis as to whether Hartford failed to disclose material adverse facts concerning Hartford's financial well-being, business operations and prospects that led to a $2.63 billion third-quarter loss including:
(1) the extent of its exposure to the credit markets, and specifically with respect to mortgage-related assets;
(2) its true exposure to investments in it held in Fannie Mae, Freddie Mac, Lehman Brothers, and AIG; and
(3) the deterioration in its capital position.
The investigation is focusing on whether, based on the foregoing, Hartford stock was an imprudent investment for the Plan.
Name (Stock Symbol)
Hartford Financial Services Group (HIG)
Hartford Financial Services Group is a large insurance company and financial services company. Its subsidiaries include American Maturity Life Insurance Company; First State Insurance Company; Hartford Accident and Indemnity Company; Hartford Administrative Services Company; Hartford Casualty Insurance Company; Hartford Equity Sales Company, Inc.; Hartford Fire Insurance Company; Hartford Fire, General Agency, Inc.; Hartford HLS Series Fund II, Inc.; Hartford Insurance Company of Illinois; Hartford Insurance Company of the Midwest; Hartford Insurance Company of the Southeast; Hartford International Life Reassurance Corporation; Hartford Investment Advisory Company, LLC; Hartford Investment Financial Services, LLC; Hartford Investment Management Company; Hartford Life and Accident Insurance Company; Hartford Life and Annuity Insurance Company; Hartford Life Insurance Company; Hartford Lloyd’s Insurance Company; Hartford Mezzanine Investors I, LLC; Hartford Retirement Services, LLC ; Hartford Securities Distribution Company, Inc.; Hartford Series Fund, Inc.; Hartford Specialty Company; Hartford Specialty Insurance Services of Texas, LLC; Hartford Underwriters Insurance Company; Hartford-Comprehensive Employee Benefit Service Company; HL Investment Advisors, LLC; Hartford Life Private Placement, LLC; M-CAP Insurance Agency, LLC; New England Insurance Company; Nutmeg Insurance Agency, Inc.; Nutmeg Insurance Company; Pacific Insurance Company, Limited; Planco, LLC; Planco Financial Services, LLC; Property and Casualty Insurance Company of Hartford; Sentinel Insurance Company, Ltd.; Specialty Risk Services, LLC.; The Hartford Income Shares Fund, Inc.; The Hartford Mutual Funds II, Inc.; The Hartford Mutual Funds, Inc.; Trumbull Insurance Company; Trumbull Services, L.L.C.; Twin City Fire Insurance Company; Woodbury Financial Services, Inc.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.