According to a press release a law firm is currently investigating on behalf current and former employees of KeyCorp (NYSE: KEY) concerning potential violations of the Employee Retirement Income Security Act of 1974 (ERISA).

According to the press release the investigation follows KeyCorps announcement of large loan losses and an adverse tax ruling which led to a decline in the value of the companys stock. The investigation focuses on potential violations of the Employee Retirement Income Security Act of 1974 (ERISA). Under ERISA, so the investigation, KeyCorp employees can file a lawsuit if the Administrator of the Plan put employees retirement savings at risk thus violating the Administrators fiduciary duty to its employees. A fiduciary is the person who exercises discretion over the management of plan assets or exercises discretionary control over the administration of the plan and if a Plan Administrator imprudently invests employee retirement fund assets in the companys own stock, it may have breached its fiduciary duty, so the investigation.