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Rating:Investors Bombard Funds with Another Type of Lawsuit Not Rated 2.3 Email Routing List Email & Route  Print Print
Wednesday, January 19, 2005

Investors Bombard Funds with Another Type of Lawsuit

by: Theresa Sim

Fund firms are facing another breed of lawsuit. More than 40 fund managers have been named in complaints alleging that firms did not live up to their fiduciary duty to claim money from class-action settlements on behalf of their investors, reports the New York Times .

Dreyfus, Janus, Merrill Lynch, Vanguard and Wells Fargo are among the managers named in the lawsuits, which, in total, claim that fund managers neglected to collect $2 billion of $12.5 billion in class-action settlement money.

Shareholders must file a claim of proof with the settlement administrator to collect their due.

Fund firms were quick to rebut the facts: "A preliminary review of the named settlements leads us to believe that in instances where, first, we held the security, and, second, we were eligible for recovery, we filed proofs of claim," John Woerth, a spokesman for Vanguard, told the NY Times. "As a result we believe the complaint is without merit."

Dreyfus and Merrill Lynch also said that they file claims and "considered the complaints without merit," according to the NY Times

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