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Friday, August 17, 2012

A Mutual Fund Lawsuit Is Tossed

News summary by MFWire's editors

A judge has called a mutual fund family "safe" after shareholders filed a suit claiming the fund sponsor should have passed along fee savings to its funds when it swapped custodians.

Citigroup, along with former brokerage agent SmithBarney (now called MorganStanleySmithBarney) has been cleared in the mutual fund lawsuit in which the two firms were accused of pocketing around $100 million that investors believed they were owed.

The savings came when Citi pulled the custody duties away from First Data and handed them to Citicorp Trust Bank. The swap resulted in lower fees that should have been passed along to mutual fund shareholders as lower fees, claimed the plaintiffs in the lawsuit.

The case was thrown out by a U.S. District Judge in Manhattan, according to a report from Insider Monkey.

For more details on the case, read the full report

Edited by: Ben Geier


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