et another lawsuit has been filed by an investor angry at being sold "B" shares. This time the target is Citigroup's Smith Barney and the venue is Manhattan federal court. The suit was brought by Goodkind Labaton Rudoff & Sucharow
of Manhattan and Deutsch & Lipner
of Garden City, New York. The two law firms brought the case on the behalf of Kathleen Fitzgerald of Great Neck, New York.
Fitzgerald purchased more than $400,000 in Class "B" shares of three mutual funds sponsored by Smith Barney, according to the allegation. She further alleges that Smith Barney failed to notify her that it would have been cheaper to invest that amount in either "A" or "L" shares that are offered for the same funds.
The complaint seeks to create a class action that would cover shareholders who bought at least $100,000 in B shares of Smith Barney funds anytime after early June 1998. Through the suit, the law firms seek unspecified compensatory damages plus litigation costs for the class members.
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