Court dismisses claims against Keystone.BOSTON--(BUSINESS WIRE)--November 28, 1994--A federal court in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. has granted a motion for summary judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers to dismiss all claims of Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A., against Keystone Distributors Inc. charging breach of contract, fraud and tort, Keystone announced. The court order, issued on November 22, 1994, by the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Souther District of New York, did not rule on Chase's additional claim that Keystone breached an implied covenant of good faith and fair dealing implied covenant of good faith and fair dealing n. a general assumption of the law of contracts, that people will act in good faith and deal fairly without breaking their word, using shifty means to avoid obligations, or denying what the other party obviously . The court said this claim could not be determined on a motion to dismiss and for summary judgment. Chase filed the suit in September 1993 against Keystone Distributors (KDI KDI Knowledge and Distributed Intelligence (NSF) KDI Korean Development Institute KDI Kernel Debug Interface KDI Kernel Downloadable Image (LynxOS) KDI Kosovo Democratic Institute ) in connection with a 1988 agreement in which KDI sold to Chase certain of its rights to receive 12b-1 Distribution Plan fees from several of the Keystone Group Funds. KDI is a subsidiary of Keystone Custodian Funds Inc., a subsidiary of Keystone Group Inc., and is the principal underwriter for the Keystone Group of Mutual Funds. "We believe that now that it has been found that Keystone has not violated any provision of the contract, it is highly unlikely that Keystone breached an implied duty of good faith and fair dealing dealing," commented Roger T. Wickers, General Counsel of Keystone Distributors Inc. CONTACT: Keystone Distributors
John M. McAllister, 617/338-3319
or
Jody R. Baum, 617/338-3350
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