Sparer Law Group has filed a class action lawsuit on behalf of Rydex Inverse Government Long Bond Strategy Fund investors.

Filed last Friday in federal court in the Northern District of California, the suit accuses the defendants of failing to disclose that because the fund "resets" daily, the fund is unsuitable for investors who intend to hold it for longer than one trading sessions.

"We are not in a position to be able to comment on current, pending legislation," said Rydex spokeswoman Lori Winkler. "However, we intend to defend ourselves vigorously regarding this matter." 

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