Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Participants in the Advanta Corp. Employee Savings Plan or the Advanta Employee Stock Ownership Plan

• Press Release
• Source: Brodsky & Smith, LLC
• On 4:05 pm EDT, Friday October 16, 2009

BALA CYNWYD, Pa.--(BUSINESS WIRE)--Law office of Brodsky & Smith, LLC announces that it is investigating the investment by Advanta Corp. (“Advanta” or the “Company”) (Nasdaq: ADVNB - News) of Plan participants’ and beneficiaries’ assets in company stock. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by investing assets in company stock when it was not a prudent investment for participants’ retirement savings.

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Symbol	Price	Change
ADVNB	0.05	0.00

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Advanta, through a subsidiary, was formerly one of the nation’s largest issuers of MasterCard and Visa credit cards to small businesses in the United States. Specifically, the investigation concerns possible improper behavior that harmed current and former employees that invested in the plan as a result of the Company’s failure to adequately disclose and timely record losses causing its financial results to be materially false.

If you are a participant in the Advanta Employee Savings Plan or the Advanta Employee Stock Ownership Plan and wish to discuss the legal ramifications of the administrator’s investment in Company stock, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.

Brodsky & Smith, LLC
Jason L. Brodsky, Esquire
Evan J. Smith, Esquire
877-LEGAL-90
clients@brodsky-smith.com