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Monday, December 13, 2010

Franklin Beats Back a Market-Timing Suit

News summary by MFWire's editors

Now one mutual fund firm has defeated a market-timing class action lawsuit outright. InvestmentNews' Jessica Toonkel reports that last week U.S. District Court Judge Frederick Motz ruled in favor of Franklin Templeton [see profile] in the lawsuit, six years years after the suits first transferred to the U.S. District Court in Maryland.

Seventeen fund firms faced these class actions, yet only Franklin refused to settle. (In a related suit, Franklin settled with the SEC for $50 million.)

In his ruling last week, Judge Motz claimed that "the record provides ample evidence that FT acted in good faith in attempting to prevent non-arranged market timing in its funds." 

Edited by: Neil Anderson, Managing Editor


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