The Law Offices of Howard G. Smith is investigating whether MGIC Investment Corporation (NYSE: MTG) breached its fiduciary duty to its employees who were invested in its 401(k) savings plan by steering its employees to invest their retirement savings in MGIC stock when the Company knew that doing so was a bad investment.
Specifically, the Law Offices of Howard G. Smith believes that the Company steered its employees to invest their retirement savings in Company stock despite knowing, among other things, that its mortgage insurance business was sustaining heavy losses because of its exposure to the sub-prime mortgage crisis. The Company actively hid losses while telling the market that it was insulated from the sub-prime mortgage crisis because of its superior underwriting. In fact, the Company was heavily exposed to the sub-prime mortgage crisis and when the truth came out, the Company's share price tumbled, harming those people that invested money in the Company's stock though the Company's 401(k) savings plan.
The Law Offices of Howard G. Smith believes that the Company acted unfairly towards its employees and seeks to recover the money that they have lost on their investment in the Company's 401(k) savings plan. If you were an employee of MGIC Investment Corporation (NYSE: MTG) and are invested in the Company’s 401(k) savings plan, please call the Law Offices of Howard G. Smith and speak to Mr. Smith directly regarding how he can help you, or complete the online questionnaire and Mr. Smith will promptly call you.
