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Case ID: 3315 | Stocks | 05/26/2004
A class action has been filed against the Hartford Financial Services Group, Inc. on behalf of all purchasers, redeemers, and holders of the Hartford Funds who acquired shares between February 27, 1999, and January 9, 2004. The action alleges that the defendant investment advisers used marketing fees improperly to pay excessive commissions to brokers in return for steering clients into buying Hartford funds. The action seeks unspecified compensatory and punitive damages.
The action alleges that the directors and investment advisers of the Hartford Funds engaged in a marketing scheme that harmed Hartford investors by channeling money from the Hartford Funds into the pockets of brokers who pushed Hartford Funds over other investments. By doing so, the directors and advisers allegedly breached their fiduciary duties to present investors, and compounded the harm by failing to disclose their actions. On January 9, 2004, the Wall Street Journal published an article that disclosed a revenue-sharing scheme between Edward Jones and Hartford. The article exposed the fact that investors with Edward Jones had no idea of the revenue-sharing agreements. On January 14, 2003, the Wall Street Journal published another article titled, “SEC Readies Cases on Mutual Funds’ Dealers with Brokers.” This article stated that the SEC was close to filing charges against numerous mutual fund companies related to arrangements that direct trading commissions to brokerage firms that favored those fund companies’ products. The action goes on to allege that the prospectuses issued by Hartford Funds contained a wall and misleading statements and omissions regarding fees, commissions, and soft dollars. The funds named in the action are as follows: Additionally named as defendants are: 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 Kahn Gauthier Swick, LLC ("KGS"), the law firm that filed the first class action lawsuit against Optionable, Inc. ("Optionable" or the "Company") (OTC BB:OPBL.OB), notifies investors that a subsequent class action lawsuit filed by a Connecticut and New York law firm has been voluntarily dismissed. Following this untimely withdrawal, KGS remains the sole law firm actively prosecuting a securities class action lawsuit seeking to recover for losses suffered by shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") in or about May 9, 2005, or who purchased shares thereafter in the open market (the "Class Period"). KGS’ lawsuit is pending in the United States District Court for the Southern District of New York, Civil Action No. 07cv3753. A class action has been filed against Bausch & Lomb, Inc. (BOL), certain of its officers and directors by stockholders who purchased the company's common stock between January 27, 2005 and December 22, 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. Two class action cases have been filed in San Diego Superior Court against strip mall developer Price Legacy Corporation (Nasdaq: PLRE) and certain of its officers and directors by stockholders. The actions claim that the defendants breached their fiduciary duty to stockholders in a recent merger with PL Retail LLC. Specifically, the stockholders claim that PL Retail did not pay fair value when it acquired Price Legacy and that Price legacy should have held out for a better price. A class action lawsuit has been filed in the Western District Court of Missouri against Thomas A. Brown for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. A class action has been filed against lender MicroFinancial, Inc. (NYSE: MFI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 5, 1999, and October 30, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 2004. 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. |
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