Stember Feinstein Doyle & Payne, LLC Commences Investigation Relating to Advanta Corp. Employee Savings Plan and Employee Stock Ownership Plan

• Press Release
• Source: Stember Feinstein Doyle & Payne, LLC
• On 3:02 pm EDT, Thursday October 15, 2009

PITTSBURGH--(BUSINESS WIRE)--The law firm of Stember Feinstein Doyle & Payne, LLC is investigating a possible lawsuit relating to the investment of Advanta Corp. stock by the Advanta Corp. Employee Savings Plan and Advanta Employee Stock Ownership Plan (NASDAQ: ADVNA - News) (NASDAQ: ADVNB - News). Such a lawsuit would include claims by Advanta employees and former employees who held company stock in the Plans.

Related Quotes

Symbol	Price	Change
ADVNA	0.07	0.00

{"s" : "advna,advnb","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Stember Feinstein Doyle & Payne is investigating whether certain fiduciaries of the Plans may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). The firm’s investigation relates to whether certain fiduciaries of the Plans knew or should have known that Advanta may not have been timely disclosing losses related to its credit card receivables.

Specifically, the firm is investigating whether Advanta breached its fiduciary obligations under ERISA:

(1) by continuing to offer Advanta common stock as an investment option for participant contributions when it was imprudent to do so; and

(2) by failing to take action to sell Advanta stock or otherwise protect the Plans’ assets in light of the company’s business strategies and financial condition.

Ellen 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 Advanta Corporation you may have legal claims under ERISA. If you wish to discuss this matter or have any questions concerning your rights with regard to this matter, please contact:

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

Stember Feinstein Doyle & Payne
Stephen M. Pincus, 412-281-8400
email: info@stemberfeinstein.com