Complaint Filed by Shareholder of Franklin Real Estate Income Fund.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--July 8, 1997--On June 3, 1997, Herbert S. Hodge, Jr., on behalf of himself and certain other shareholders of Franklin Real Estate Income Fund ("FREIF"), filed a complaint in the California Superior Court for San Mateo County against Franklin Select Realty Trust (the company into which FREIF was merged), certain of its directors, the Fund's advisor, Franklin Properties Inc., Franklin Resources Inc., certain of its directors and Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Co. Inc. The complaint alleges that defendants breached fiduciary duties Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne to plaintiff and certain other shareholders in connection with the merger of FREIF into Franklin Select Realty Trust in May 1996. Plaintiff also alleges that defendants misstated certain material facts or omitted to state material facts in connection with this transaction. Plaintiff seeks damages in an unspecified amount. The defendants deny any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do in these matters and intend to vigorously defend the action.
CONTACT: Franklin Properties Inc. David Goss n. 1. Gorse. , 415/312-5824 Internet: http://www.frk.com/properties |
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