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Case ID: 2796 | Stocks | 05/26/2004
A class action has been filed against financial giant Morgan Stanley (NYSE: MWD) and certain of its subsidiaries by investors who purchased shares in any Morgan Stanley mutual fund between October 1, 1999, and December 31, 2002. The action claims that the defendants violated federal securities laws by engaging in an unlawful and deceitful course of conduct designed to improperly financially advantage themselves to the detriment of class members. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Allegedly, the defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that Morgan Stanley had been aggressively pushing its sales personnel to sell Morgan Stanley funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. In addition, unbeknownst to investors, the advisors to the funds (Morgan Stanley Investment Advisors, Inc. and Morgan Stanley Advisors LP) allegedly paid excessive commissions, directly or indirectly, to Morgan Stanley DW Inc. (MSDW), the broker dealer, which came directly out of the funds' assets, as payments to MSDW for its steering clients towards Morgan Stanley's proprietary funds. The advisors profited from this scheme by earning increased management fees, while MSDW benefited from increased commissions and Morgan Stanley profited as the ultimate parent of MSDW and the advisors. The clear losers were the class members, whose assets were diverted to line the defendants' pockets without any benefit to the class whatsoever. Mutual Funds InvolvedMorgan Stanley 21st Century Trend Fund At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Rambus, Inc. (RMBS), certain of its officers and directors by stockholders who purchased the company's common stock between December 12, 2001 and June 27, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Refco, Inc. (RFX), certain of its officers and directors by stockholders who purchased the company's common stock between August 11, 2005 and October 7, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against Charles E. Allen and others for violations of the Investment Company Act. Class members seek compensatory damages, the disgorgement of fees paid to investment advisors, punitive damages, attorney’s fees and costs of the litigation. Eight beneficiaries of fiduciary accounts presently or formally overseen by Bank of America, N.A. have filed a Complaint in federal court against the Bank, its parent, Bank of America Corporation and various subsidiaries and affiliates arising out of the Bank's investment of assets held in the Bank's fiduciary accounts in its proprietary mutual funds, the Nations Funds, now named the Columbia Funds.
Several class actions have been filed against healthcare facility operator Dynacq International (Nasdaq: DYIIE, formerly Nasdaq: DYII) and certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2003, and December 18, 2003. The actions claim that the defendants fraudulently certified that Dynacq's financial statements for the first three quarters of fiscal 2003 were compiled in compliance with Generally Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against FindWhat.com (NasdaqNM:FWHT), certain of its officers and directors by stockholders who purchased the company's common stock between January 05, 2004 and May 04, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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