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February 2, 2010
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| 06:00 EDT |  | MTG |
| theflyonthewall.com: | MGIC Investment receives shareholder lawsuit over 401k savings plan | | Law Offices of Howard G. Smith announces that it is investigating potential claims against MGIC Investment Corp. (MTG) concerning whether the Company’s 401k savings plan imprudently invested in MGIC stock and whether the Plan’s administrators breached their fiduciary duties to the Plan’s participants in violation of the Employee Retirement Income Security Act of 1974, or ERISA. The investigation concerns public statements issued by MGIC between October 12, 2006 and February 12, 2008, regarding the Company’s business, operations, financial performance and prospects. According to a shareholder lawsuit pending in the U.S. District Court for the Eastern District of Wisconsin, during the foregoing period MGIC and certain of its executive officers failed to disclose and/or misrepresented the Company’s exposure to losses related to its investments in entities established to invest in risky subprime mortgages. The investigation concerns whether MGIC and other administrators of the Plan failed to prudently and loyally manage the Plans’ investments in MGIC stock by continuing to offer Company stock when the stock was no longer a prudent investment for participants’ retirement savings. :theflyonthewall.com |
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