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Case ID: 4783 | Stocks | 05/02/2006
Eight beneficiaries of fiduciary accounts presently or formally overseen by Bank of America, N.A. (the "Bank") have filed a Complaint in federal court here 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.
The Class in this litigation consists of all beneficiaries, owners, beneficial owners, or principals of trusts, accounts or other entities (including IRA and investment management accounts, employee benefit plans and guardianships) for which the Bank or any of its parents, subsidiaries, affiliates, predecessors, successors or assigns acted as a trustee, fiduciary or agent and that were directly or indirectly invested in Nations Funds Mutual Funds at any time from September 8, 1998 to the present. The Class defined above has already been stipulated to by each of the Defendants, their affiliates and others in connection with the settlement of certain related claims against them in In re Mutual Funds Investment Litigation, MDL-1586, where it was designated as a "Fiduciary Sub-Class." Those members of the Class who directly or indirectly invested in Nations Funds by means of Conversions of interests in Common Trust Funds into shares of Nations Funds are referred to as the "Conversions Sub-Class." Other members of the Class who, through their fiduciary accounts at the Bank purchased shares of Nations Funds within the applicable limitations period are referred to as the "Federal Securities Law Sub-Class." The Plaintiffs claim that the Bank improperly used assets in its fiduciary accounts to "bulk up" the Nations Funds by buying shares of the various Nations Funds for these accounts despite the availability of other mutual funds, such as those offered by the Vanguard Group or Fidelity Investments which were well-managed, had good reputations and had lower expenses than the Nations Funds. The Complaint alleges that the Bank distributed various Nations Funds prospectuses that misrepresented material facts and/or omitted material facts as to, among others, the conflicts of interest between and among the other Defendants, the expenses that would be absorbed by the beneficiaries of the affected fiduciary accounts and the failure of the Nations Funds Trust, the entity which issued the Nations Funds shares, to seek advisory and administrative services in the best interests of the holders of Nations Funds shares. The lawsuit is open to any shareholder of any Nations Funds or Columbia Funds mutual funds (including money market or cash reserves mutual funds) through a fiduciary account handled by the Bank or one of its predecessors (e.g. Fleet Bank, Barnett Banks, C&S Sovran Bank, Nations Bank, Continental Bank, Boatmen's Trust, etc.) 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 According to a law firm press release, the complaint charges Novatel and certain of the Company's executive officers with violations of federal securities laws. A class action has been filed against BearingPoint, Inc. (NYSE:BE), certain of its officers and directors by stockholders who purchased the company's common stock between August 14, 2003 and April 20, 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. According to a press release dated March 21, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from UBS, UBS Securities and UBS Financial Services during the Class Period and who continued to hold such securities as of February 13, 2008.
A class action has been filed against clothing manufacturer Tropical Sportswear International Corporation (Nasdaq: TSIC) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2002, and January 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated November 26, 2008, Aracruz is a major Brazilian manufacturer of forest products, which they market to manufacturers of consumer paper products around the world. A class action has been filed in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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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