In Ludstrom, the firm serves as co-lead counsel for claims arising under ERISA regarding the demise of TierOne Corporation. Plaintiffs allege that Defendants violated ERISA by continuing to permit the company’s retirement plans (the 401(k) plan and the ESOP plan) to acquire and hold TierOne common stock when such an investment was no longer prudent for retirement savings due to the company’s rapidly deteriorating financial condition. Defendants have moved to dismiss this action. Mr. Wells and his co-counsel have filed papers opposing Defendants’ motion and the parties are awaiting a ruling from the district court.
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