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

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

Rating:A Mutual Fund Lawsuit Is Tossed Not Rated 0.0 Email Routing List Email & Route  Print Print
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

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

 Do You Recommend This Story?

Return to Top
 News Archives
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:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use