Keller Rohrback L.L.P. Announces Class Certification Phase of ERISA Litigation Regarding the Wal-Mart Profit Sharing and 401(K) Plan -- WMT

Fri. October 10, 2008; Posted: 06:58 PM

SEATTLE, Oct 10, 2008 (GlobeNewswire via COMTEX) -- WMT | Quote | Chart | News | PowerRating -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced their intention to file a motion requesting the certification of a class of plaintiffs in the ongoing litigation on behalf of participants and beneficiaries of the Wal-Mart Profit Sharing and 401(k) Plan (the "Plan"). The litigation filed against Wal-Mart Stores, Inc. ("Wal-Mart" or the "Company") (NYSE:WMT) is currently pending in U.S. District Court in the Western District of Missouri. The complaint alleges that Wal-Mart breached its fiduciary duties under the Employee Retirement Income Security Act ("ERISA") by failing to provide prudent investment options for the participants and beneficiaries of the Plan. In particular, the lawsuit alleges that Wal-Mart selected investment options that were significantly more expensive than comparable or better performing funds readily available in the marketplace. Moreover, the suit alleges that, in violation of its fiduciary duties, Wal-Mart allowed the Plan Trustee, Merrill Lynch, to obtain kickback payments from the fund companies whose investment options were selected for inclusion in the Plan. The proposed class includes all persons, other than Defendants, who were participants in or beneficiaries of the Plan and who held assets in the Plan Investment Options at any time between January 31, 2002 and the present.

Excessive fees and improper hidden kickbacks can have a devastating impact on retirement savings over time. If you are a current or former participant in the Wal-Mart Profit Sharing and 401(k) Plan and are concerned about the fees and expenses you are currently paying, or that you paid in the past, for the investment options in the Plan, you may contact paralegal Jason Dillman or attorneys Gretchen Cappio, Derek Loeser or Lynn Sarko toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.

Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., HealthSouth, and Marsh & McLennan Companies. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Keller Rohrback L.L.P.

Keller Rohrback L.L.P. Jason Dillman, Paralegal 800/776-6044 investor@kellerrohrback.com

For full details on Wal-Mart Stores Inc (WMT) click here. Wal-Mart Stores Inc (WMT) has Short Term PowerRatings of 5. Details on Wal-Mart Stores Inc (WMT) Short Term PowerRatings is available at This Link.

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