Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Judge Approves a $5.5M Rydex Settlement Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 13, 2012

Judge Approves a $5.5M Rydex Settlement

Reported by Neil Anderson, Managing Editor

Guggenheim Investments [profile] is about to shell out $5.5 million to end a class-action lawsuit over a leveraged index mutual fund. Last week a federal judge in San Jose gave final approval of a settlement of Rafton v. Rydex Series Fund.

MFWire.com could not immediately reach a spokesperson for Guggenheim or attorneys with Sparer Law Group, the lead plaintiffs' law firm, for comment on the settlement.

The case stems from the performance woes of the Rydex Inverse Government Long Bond Strategy Fund [profile]. Two years ago Guggenheim Partners bought Rydex' then-parent, Security Benefit, and last year Guggenheim created Guggenheim Investments by combining its former Claymore, Security Benefit and Rydex asset management businesses into one [see MFWire.com, 9/21/2011].

Sparer first filed the suit two years ago, accusing Rydex of failing to adequately disclose that the fund's performance tracks the inverse of the relevant index on a daily basis, making it less-suitable for longer hold-times. The two side proposed the settlement in July 2011. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use