Stull, Stull & Brody Announces Class Action against Citigroup, Salomon Smith Barney, and Smith Barney Fund Management LLC.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Notice is hereby given that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed on August 24, 2004, in the United States District Court for the District of Maryland The United States District Court for the District of Maryland is the Federal district court whose jurisdiction is the state of Maryland. Notable judges in this district include William Paca, a signer of the United States Declaration of Independence. , on behalf of persons who purchased or otherwise acquired or hold shares of several Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. mutual funds ("SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney Funds") between January 1, 1999 and July 1, 2003, inclusive (the "Class Period"). The lawsuit lawsuit: see procedure; tort. was filed against certain Salomon Smith Barney entities, certain Canary Capital entities, and John Does John Doe formerly, any plaintiff; now just anybody. [Am. Pop. Usage: Brewer Dictionary, 329] See : Everyman 1-100 ("Defendants") The Complaint alleges that Defendants violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. the federal securities laws and engaged in a course of business which operated as a fraud and deceit Deceit Aimwell pretends to be titled to wed into wealth. [Br. Lit.: The Beaux’ Stratagem] Ananias lies about amount of money received for land. [N.T.: Acts 5:1–6] Ananias Club all its members are liars. [Am. on members of the class, as defined above, in the following SSB Funds: Salomon Brothers All Cap Value Fund (Sym: SUBAX, SUBBX, SUBZX) Salomon Brothers Balanced Fund (Sym: STRAX, STRBX, STRCX) Salomon Brothers California Tax Free Bond Fund (Sym: CCAIX, SCUBX, SCULX) Salomon Brothers Capital Fund (Sym: SCCAX, SPABX, SACPX, SCCCX) Salomon Brothers High Yield Bond Fund (Sym: SAHYX, SBHYX, SHYOX, SHYCX) Salomon Brothers International Equity Fund (Sym: SAIEX, SAIBX, SAICX) Salomon Brothers Investors Value Fund (Sym: SINAX, SBINX, SAIFX, SINOX) Salomon Brothers Large Cap Growth Fund (Sym: SLCAX, SALBX, SALCX) Salomon Brothers Mid Cap Fund (Sym: SMDAX, SMDBX, SMDZX) Salomon Brothers National Tax Free Bond Fund (Sym: CFNIX, SNABX, SNALX) Salomon Brothers New York Tax Free Bond Fund (Sym: CFTNX, SNFBX, SNFLX) Salomon Brothers SB Adjustable Rate Income Fund (Sym: SJRAX, SJRBX, SJRZX) Salomon Brothers SB Capital and Income Fund (Sym: SOLAX, SOLBX, SOLZX) Salomon Brothers SB Convertible Fund (Sym: SVEAX, SVEBX, SCEZX) Salomon Brothers SB Growth & Income Fund (Sym: SSWAX, SSWBX, SSWZX) Salomon Brothers Short/ Intermediate U.S. Government Fund (Sym: SUSAX, SUSBX, SUSCX) Salomon Brothers Small Cap Growth Fund (Sym: SASMX, SBSMX, SCSMX) Salomon Brothers Strategic Bond Fund (Sym: SSTAX, SBSBX, SSTCX) Smith Barney Aggressive Growth Fund (Sym: SHRAX, SAGBX, SAGCX) Smith Barney All Cap Growth and Value Fund (Sym: SPAAX, SPBBX, SPBLX) Smith Barney Appreciation Fund (Sym: SHAPX, SAPBX, SAPCX, SAPYX) Smith Barney Arizona Municipals Fund (Sym: SLAZX, SAZBX, SAZLX) Smith Barney Balanced Portfolio (Sym: SBBAX , SCBBX, SCBCX) Smith Barney California Municipals Fund (Sym: SHRCX, SCABX, SCACX) Smith Barney Classic Values Fund (Sym: SCLAX, SCLBX, SCLLX) Smith Barney Conservative Portfolio (Sym: SBCPX, SBCBX, SBCLX) Smith Barney Diversified Large Cap Growth Fund (Sym: CFLGX, CLCBX, SMDLX) Smith Barney Diversified Strategic Income Fund (Sym: SDSAX, SLDSX, SDSIX) Smith Barney Dividend and Income Fund (Sym: SUTAX, SLSUX, SBBLX) Smith Barney Financial Services Fund (Sym: SBFAX, SBFBX, SFSLX) Smith Barney Florida Portfolio (Sym: SBFLX, FLABX, SFLLX) Smith Barney Fundamental Value Fund (Sym: SHFVX, SFVBX, SFVCX) Smith Barney Georgia Portfolio (Sym: SBGAX, SBRBX, SGALX) Smith Barney Global All Cap Growth and Value Fund (Sym: SPGAX, SPGGX, SPGLX) Smith Barney Global Government Bond Portfolio (Sym: SBGLX, SBGBX, SGGLX) Smith Barney Global Portfolio (Sym: CAGAX, CAGBX, SGPLX) Smith Barney Government Securities Fund (Sym: SGVAX, HGVSX, SGSLX) Smith Barney Group Spectrum Fund (Sym: SGSAX, SGSBX, SFTLX) Smith Barney Growth Portfolio (Sym: SGCRX, SGRBX, SCGCX) Smith Barney Hansberger Global Value Fund (Sym: SGLAX, SGLBX, SGLCX) Smith Barney Health Sciences Fund (Sym: SBIAX, SBHBX, SBHLX) Smith Barney High Growth Portfolio (Sym: SCHAX, SCHBX, SCHCX) Smith Barney High Income Fund (Sym: SHIAX, SHIBX, SHICX) Smith Barney Income Portfolio (Sym: SCAAX, SCIAX, SCILX) Smith Barney Intermediate Maturity California Municipals Fund (Sym: ITCAX, STDBX, SIMLX) Smith Barney Intermediate Maturity New York Municipals Fund (Sym: IMNYX, SNMBX, SINLX) Smith Barney International All Cap Growth Portfolio (Sym: SBIEX, SBIBX, SBICX) Smith Barney International Large Cap Fund (Sym: CFIPX, SILCX, SILLX) Smith Barney Investment Grade Bond Fund (Sym: SIGAX, HBDIX, SBILX) Smith Barney Large Cap Core Fund (Sym: GROAX, GROBX, SCPLX) Smith Barney Large Cap Growth and Value Fund (Sym: SPSAX, SPSBX, SPSLX) Smith Barney Large Cap Value Fund (Sym: SBCIX, SBCCX, SBGCX) Smith Barney Large Capitalization Growth Fund (Sym: SBLGX, SBLBX, SLCCX, SBLYX) Smith Barney Limited Term Portfolio (Sym: SBLTX, STMBX, SMLLX) Smith Barney Managed Governments Fund (Sym: SHMGX, MGVBX, SMGLX) Smith Barney Managed Municipals Fund (Sym: SHMMX, SMMBX, SMMCX) Smith Barney Massachusetts Municipals Fund (Sym: SLMMX, SMABX, SMALX) Smith Barney Mid Cap Core Fund (Sym: SBMAX, SBMDX, SBMLX, SMBYX) Smith Barney Municipal High Income Fund (Sym: STXAX, SXMTX, SMHLX) Smith Barney National Portfolio (Sym: SBBNX, SBNBX, SBNLX) Smith Barney New Jersey Municipals Fund (Sym: SHNJX, SNJBX, SNJLX) Smith Barney New York Portfolio (Sym: SBNYX, SMNBX, SBYLX) Smith Barney Oregon Municipals Fund (Sym: SHORX, SORBX, SORLX) Smith Barney Pennsylvania Portfolio (Sym: SBPAX, SBPBX, SPALX) Smith Barney S & P 500 Index Fund (Sym: SBSPX) Smith Barney SB Adjustable Rate Income Fund (Sym: ARMZX, ARMBX, ARMGX) Smith Barney SB Capital and Income Fund (Sym: SOPAX, SOPTX, SBPLX) Smith Barney SB Convertible Fund (Sym: SCRAX, SCVSX, SMCLX, SCVYX) Smith Barney SB Growth & Income Fund (Sym: GRIAX, GRIBX, SGAIX) Salomon Brothers Short Duration Municipal Fund (Sym: SHDAX, SHDBX, SHDLX) Smith Barney Short-Term Investment Grade Bond Fund (Sym: SBSTX, SHBBX, SSTLX) Smith Barney Small Cap Core Fund (Sym: SBDSX, SBDBX, SBDLX) Smith Barney Small Cap Growth Fund (Sym: SBSGX, SBYBX, SBSLX) Smith Barney Small Cap Growth Opportunities Fund (Sym: CFSGX, SMOBX, SGOLX) Smith Barney Small Cap Value Fund (Sym: SBVAX, SBVBX, SBVLX) Smith Barney Social Awareness Fund (Sym: SSIAX, SESIX, SESLX) Smith Barney Technology Fund (Sym: SBTAX, SBTBX, SBQLX) Smith Barney Total Return Bond Fund (Sym: TRBAX, TRBBX, SBTLX) Smith Barney U.S. Government Securities Fund (Sym: SBCGX, SBUBX, SBULX) The Complaint alleges that Defendants violated Sections 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder, Section 11 and Section 15 of the Securities Act of 1933, Sections 206 of the Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and Act, Sections 34(b), 36(a) and 48(a) of the Investment Company Act and several common law causes of action. Specifically, the Complaint charges Defendants with engaging in an unlawful and deceitful course of conduct designed to improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. financial advantage Defendants. The Defendants, in clear contravention A term of French law meaning an act violative of a law, a treaty, or an agreement made between parties; a breach of law punishable by a fine of fifteen francs or less and by an imprisonment of three days or less. In the U.S. of their fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. responsibilities, and disclosure obligations, failed
to properly disclose that select favored customers were improperly
allowed to "time" their mutual fund trades. Such timing
improperly allowed favored investors to trade in and out of a mutual
fund to exploit short-term Short-termAny investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. moves and inefficiencies in the manner in which mutual funds price their shares. Defendants' improper
This matter is related to In re Mutual Fund Timing Mutual Fund Timing A legal but frowned-upon practice whereby traders attempt to profit from the short-term differences between the daily closing prices of a mutual fund. Timing occurs when investors attempt to gain short-term profits from buying and selling mutual funds. Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , MDL-1586, now pending in the United States District Court for the District of Maryland before the Honorable J. Frederick Motz, the Honorable Frederick P. Stamp, the Honorable Catherine C. Blake and the Honorable Andre Davis. In re Mutual Fund Timing Litigation is a consolidated and coordinated group of cases brought against eighteen separate mutual fund families, all involving allegations of "late trading Late trading Late trading of mutual fund shares occurs when investors placing trades after 4 PM receive the 4 PM price. These late traders can use the information revealed after 4 PM to guide their trades: buying funds when their current value is greater than their 4 PM value and " and "market timing" in the mutual fund industry. If you purchased shares of SSB Funds between January 1, 1999 and July 1, 2003, you may, no later than sixty days from August 11, 2004, request the Court appoint you as lead plaintiff. Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull stull n. 1. A supporting timber or other prop in a mine. 2. A platform braced against the sides of a working area in a mine. , Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member' s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You may also visit our website at www.ssbny.com. |
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