Stockholders Sue for Breach of Fiduciary Duties with Oakmark Family of Funds |
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A class action lawsuit has been filed in the Northern District Court of Illinois against Peter S. Voss and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages.
This is a national class action lawsuit on behalf of investors in open-ended mutual funds with equity securities holdings in the Oakmark Family of Funds against the defendant directors, investment advisors and affiliates of the funds alleging that the defendants breached fiduciary duties and duties of care owed directly to the plaintiff and members of the class by failing to ensure that the funds participated in securities class action settlements for which the funds were eligible.
The class consists of all persons who owned any of the funds at any time from January 10, 2005 through January 10, 2005.
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