Keller Rohrback L.L.P. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan

SEATTLE, Oct. 21, 2009 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it is investigating Advanta Corp. ("Advanta" or the "Company") 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").

Keller Rohrback'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 paralegal Jennifer Tuato'o or attorneys Erin Riley, Derek Loeser, or Lynn Sarko toll free at (800) 776-6044, or via e-mail at investor@kellerrohrback.com.

Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron and WorldCom. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

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