November 06, 2009 at 16:52 PM EST
Spector Roseman Kodroff & Willis, P.C. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan

Spector Roseman Kodroff & Willis, P.C. (www.srkw-law.com) today announced that it is investigating Advanta Corp. (“Advanta” or the “Company”) (Nasdaq:ADVNB) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The investigation focuses on investments in company stock in the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan (together, the "Plans").

Spector Roseman’s investigation involves concerns that Advanta and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.

If you are a participant in the Advanta Corp. Employee Stock Ownership Plan and/or the Advanta Corp. Employee Savings Plan and held Advanta common stock in your Plan account, you may contact Theodore M. Lieverman or Andrew D. Abramowitz at the firm’s toll-free number, 888-844-5862. Even if you have relatively small losses, a class action lawsuit can protect your rights at no cost to you.

Spector Roseman Kodroff & Willis, P.C., a Philadelphia, Pennsylvania law firm, concentrates its practice in class action and complex litigation, including actions dealing with securities laws, antitrust, contract and commercial claims, and labor and employment. The firm is active in major litigation pending in federal and state courts throughout the United States, including claims for participants of employee benefit funds under ERISA and other laws. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. As a result of the efforts of the firm, billions of dollars have been recovered through judgments and settlements on behalf of injured class members.

For more information about the firm, visit its website at http://www.srk-law.com.

Contacts:

Spector Roseman Kodroff & Willis, P.C.
Theodore M. Lieverman
or
Andrew D. Abramowitz
888-844-5862
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