Stember Feinstein Doyle & Payne, LLC Announces Its Investigation Relating to the...

Stember Feinstein Doyle & Payne, LLC Announces Its Investigation Relating to the Wachovia Savings Plan

PITTSBURGH--(Business Wire)--
The law firm of Stember Feinstein Doyle & Payne, LLC is
investigating conduct causing losses to the Wachovia Savings Plan
(NYSE: WB), the company's 401(k) plan, which may violate the Employee
Retirement Income Security Act of 1974 ("ERISA").

The firm's investigation relates to whether certain fiduciaries of
the Plan knew or should have known that material information about the
company's financial problems had not been disclosed, including:

(1) continuing to give non-conforming real estate mortgages to
borrowers without consideration of their credit scores, verification
of their assets, or verification of their employment status;

(2) failing to adjust its methodology for loss provisions in order
to take into account known changes in the credit landscape;

(3) not properly disclosing to investors about the risks of
auction rate securities, which has resulted in losses to Wachovia and
has caused an investigation by the SEC;

(4) Wachovia's heavy exposure in bank-owned life insurance
policies, and as a consequence, was forced to report a $315 million
loss for the first quarter of 2008; and

(5) there were insufficient management controls in place to timely
address problems likely to affect the Company's reputation.

Specifically, the firm is investigating whether the Wachovia
Savings Plan's fiduciaries breached their fiduciary obligations under
ERISA:

(1) by continuing to offer Wachovia stock as investment options
for participant contributions when it was imprudent to do so, or

(2) by failing to take action to sell Wachovia stock or otherwise
protect the Plans' assets in light of the companies' risky business
strategies and deteriorating financial conditions.

Ellen M. Doyle of Stember Feinstein Doyle & Payne has been
appointed class counsel to represent numerous classes of ERISA plan
participants and has served as lead or co-lead counsel in actions
recovering more than $100 million for pension plans and their
participants. Please visit the Stember Feinstein Doyle & Payne
(www.stemberfeinstein.com) website for more information about Ms.
Doyle and the firm.

If you have an individual account with the Wachovia Savings Plan,
you may have legal claims under ERISA. If you wish to discuss this
matter or have any questions concerning your rights, please contact:

Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome

Stember Feinstein Doyle & Payne, LLC
Ellen M. Doyle or Jonathan Cohn, 412-281-8400
www.stemberfeinstein.com
email: info@stemberfeinstein.com

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