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Case ID: 2874 | Stocks | 11/10/2003
A class action has been filed against Bank One Corporation (NYSE: ONE) and certain related firms by investors who purchased shares in any of the One Group mutual funds, managed by Bank One, between October 1, 1998, and July 3, 2003. 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 fund shares. The investors seek to recover compensatory damages for the loss of value of their securities.
The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under Securities and Exchange Commission regulations. Late trading allows favored investors to make use of market-moving information that only becomes available after 4 p.m. and has been compared to betting on a horse race that already has been run. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Late trading and timing injure ordinary mutual fund investors--who are not allowed to engage in such practices--and are acknowledged as improper practices by the funds. In return for receiving extra fees from Canary and other favored investors, Bank One and its subsidiaries allegedly allowed and facilitated Canary's timing and late trading activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the funds' prospectuses, which falsely represented that the funds actively policed against timing and represented that post-4 p.m. EST trades would be priced based on the next day's net asset value, and that premature redemptions would be assessed a charge. Funds InvolvedOne Group Balanced 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 Several class actions have been filed against communications testing company Acterna Corporation (formerly OTCBB: ACTRQ) and certain of its officers and directors by stockholders who purchased the company's common stock between August 1, 2001, and October 30, 2002. The actions claim 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. A class action has been filed in the Southern District Court of New York against Axis Capital Holdings, Ltd. (NYSE: AXS) and certain of its officers and directors by stockholders who purchased the company's common stock between August 6, 2003 and October 14, 2004. 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 HydroFlo, Inc. (HYRF), certain of its officers and directors by stockholders who purchased the company's common stock between July 18, 2005 and October 26, 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 has been filed against Smith Barney and its parent, Citigroup Inc., by investors who invested $100,000 or more in class B shares in one or more Smith Barney mutual funds between June 12, 1998, and June 12, 2003, where the investment could have otherwise qualified for the $100,000 "breakpoint" load reduction associated with investments in class A shares of the same fund. A class action has been filed in the Southern District Court of New York against Jakks Pacific, Inc. (NYSE: JAKK), a California based toy company and certain of its officers and directors by stockholders who purchased the company's common stock between October 26, 1999 and October 19, 2004. 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 PXRE Group Ltd. (PXT), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2005 and February 16, 2006 or a secondary offering on October 3, 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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