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Friday, March 22, 2013

Judge OKs Smith Barney Mutual Fund Suit

News summary by MFWire's editors

The starting pistol has been fired, and the attorneys are off!

Bloomberg reports that Investors in Smith Barney mutual funds can sue as a group over claims that shareholders were harmed by a kickback scheme in which Citigroup Inc.pocketed fee savings according to a federal judge's ruling.

The newswire reports that U.S. District Judge William Pauley in Manhattan certified a class of Smith Barney mutual fund investors who bought or redeemed shares from Sept. 11, 2000, to June 24, 2004.

The lawsuit was filed against Smith Barney Fund Management LLC and Citigroup Global Markets Inc. in 2005, after Citigroup Securities and Exchange Commission that its subsidiaries kept fees that should have been turned over to Smith Barney’s mutual funds.

The case is In re Smith Barney Transfer Agent Litigation, 05-cv-07583, U.S. District Court, Southern District of New York (Manhattan).

Read more in Bloomberg

Edited by: Tommy Fernandez


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