Stull, Stull & Brody Announces Class Action against Franklin Resources, Inc. and Its Franklin Templeton Family of Mutual Funds.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--Feb. 18, 2004 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 February 18, 2004, in 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. for the Southern District of 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 , on behalf of all purchasers, redeemers The "Redeemers" were a political coalition in the Southern United States during the Reconstruction era, who sought to overthrow the Radical Republican coalition of Freedmen, carpetbaggers and Scalawags. and holders of shares of Franklin AGE High Income Fund (Nasdaq: AGEFX, FAHAX, FHIBX, FRAIX, FAHRX); Franklin Adjustable U.S. Government Securities Fund (Nasdaq: FISAX, FCSCX); Franklin Aggressive Growth Fund (Nasdaq: FGRAX, FRAAX, FKABX, FKACX, FKARX); Franklin Alabama Tax-Free Income tax-free income The income received but not subject to income taxes. For example, interest from most municipal bonds is free of federal income taxes and often from state and local income taxes as well. Compare tax-deferred income, tax-sheltered income. Fund (Nasdaq: FRALX, FALEX); Franklin Arizona Tax-Free Income Fund (Nasdaq: FTAZX, FBAZX, FAZIX); and other Franklin Templeton Funds (collectively referred to as the "FT Funds"), which are managed by Franklin Resources, Inc. (NYSE NYSE See: New York Stock Exchange :BEN) from February 6, 1999 through February 4, 2004, inclusive (the "Class Period"). The following FT Funds are subject to this lawsuit: Franklin Adjustable U.S. Government Securities Fund (Nasdaq: FISAX, FCSCX) Franklin Advantaged U.S. Government Securities Fund Franklin AGE High Income Fund (Nasdaq: AGEFX, FAHAX, FHIBX, FRAIX, FAHRX) Franklin Aggressive Growth Fund (Nasdaq: FGRAX, FRAAX, FKABX, FKACX, FKARX) Franklin Alabama Tax-Free Income Fund (Nasdaq: FRALX, FALEX) Franklin Arizona Tax-Free Income Fund (Nasdaq: FTAZX, FBAZX, FAZIX) Franklin Asset Allocation Fund asset allocation fund An investment company that varies the proportion of its portfolio devoted to stocks, bonds, and money market securities in order to reduce the variability of returns and to take better advantage of different segments of the securities Franklin Balance Sheet Investment Fund (Nasdaq: FRBSX, FBSAX, FBSBX, FCBSX, FBSRX) Franklin Biotechnology Discovery Fund (Nasdaq: FBDIX) Franklin Blue Chip Fund (Nasdaq: FKBCX, FKBBX, FBCCX, FBCRX) Franklin California High Yield Municipal Fund (Nasdaq: FCAMX, FBCAX, FCAHX) Franklin California Insured Tax Free Income Fund (Nasdaq: FRCIX, FRCBX, FRCAX) Franklin California Intermediate-Term Tax-Free Income Fund (Nasdaq: FKCIX Franklin California Limited The California Limited was one of the named passenger trains of the Atchison, Topeka and Santa Fe Railway and a true "workhorse" of the railroad. It was assigned train Nos. 3 & 4, and its route ran from Chicago, Illinois to Los Angeles, California. Term Tax-Free Income Fund Franklin California Tax-Exempt Money Fund (Nasdaq: FCLXX) Franklin California Tax-Free Income Fund (Nasdaq: FKTFX, FCAVX, FCABX, FRCTX) Franklin Capital Growth Fund (Nasdaq: FKREX, FEACX, FKEQX, FREQX, FKIRX) Franklin Colorado Tax-Free Income Fund (Nasdaq: FRCOX, FCOIX) Franklin Connecticut Tax-Free Income Fund (Nasdaq: FXCTX, FCTIX) Franklin Convertible Securities Fund (Nasdaq: FISCX, FROTX) Franklin Custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. Funds, Inc. Franklin Double Tax-Free Income Fund (Nasdaq: FPRTX, FPRIX) Franklin DynaTech Fund (Nasdaq: FKDNX, FDNBX, FDYNX) Franklin Equity Income Fund (Nasdaq: FISEX, FBEIX, FRETX, FREIX) Franklin Federal Intermediate-Term Tax-Free Income Fund (Nasdaq: FKITX) Franklin Federal Limited Term Tax-Free Income Fund (Nasdaq: FFTFX) Franklin Federal Money Fund (Nasdaq: FMNXX) Franklin Federal Tax-Free Income Fund (Nasdaq: FKTIX, FAFTX, FFTBX, FRFTX) Franklin Flex A development system for Flash-based applications from Adobe. Introduced in 2004 as a J2EE application, Flex compiles ActionScript code and XML-based user interface descriptions (MXML) into binary Flash files (SWF files). Cap Growth Fund (Nasdaq: FKCGX, FKCBX, FCIIX, FRCGX) Franklin Floating Rate Daily Access Fund (Nasdaq: FAFRX, FBFRX, FCFRX) Franklin Floating Rate Master Trust Franklin Floating Rate Trust (Nasdaq: XFFLX) Franklin Florida Insured Tax-Free Income Fund (Nasdaq: FFLTX) Franklin Florida Tax-Free Income Fund (Nasdaq: FRFLX, FRFBX, FRFIX) Franklin Georgia Tax-Free Income Fund (Nasdaq: FTGAX, FGAIX) Franklin Global Aggressive Growth Fund Franklin Global Communications Fund (Nasdaq: FRGUX) Franklin Global Growth Fund Franklin Global Health Care Fund (Nasdaq: FKGHX, FGHBX, FGIIX) Franklin Global Trust Franklin Gold and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. Fund (Nasdaq: FKRCX, FGADX, FAGPX, FRGOX) Franklin Growth Fund (Nasdaq: FKGRX, FCGAX, FKGBX, FRGSX, FGSRX) Franklin High Income Trust Franklin High Yield Tax-Free Income Fund (Nasdaq: FRHIX, FYIBX, FHYIX) Franklin Income Fund (Nasdaq: FKINX, FRIAX, FBICX, FICBX, FCISX, FISRX) Franklin Insured Tax-Free Income Fund (Nasdaq: FTFIX, FBITX, FRITX) Franklin International Trust Franklin Investors Securities Trust Franklin Kentucky Tax-Free Income Fund (Nasdaq: FRKYX) Franklin Large Cap Growth Fund (Nasdaq: FKGAX, FRGAX, FKGCX, FRLGX) Franklin Large Cap Value Fund (Nasdaq: FLVAX, FBLCX, FLCVX, FLCRX) Franklin Louisiana Tax-Free Income Fund (Nasdaq: FKLAX, FLAIX) Franklin Managed Trust Franklin Maryland Tax-Free Income Fund (Nasdaq: FMDTX, FMDIX) Franklin Massachusetts Insured Tax-Free Income Fund (Nasdaq: FMISX, FMAIX) Franklin Michigan Insured Tax-Free Income Fund (Nasdaq: FTTMX, FBMIX, FRMTX) Franklin MicroCap microcap 1. Of or relating to the common stock of a company with a small capitalization, usually between $50 million and $250 million. Microcap stocks tend to experience volatile price movements and are subject to investment fraud schemes. Value Fund (Nasdaq: FRMCX) Franklin Minnesota Insured Tax-Free Income Fund (Nasdaq: FMINX, FMNIX) Franklin Missouri Tax-Free Income Fund (Nasdaq: FRMOX, FMOIX) Franklin Money Fund (Nasdaq: FMFXX) Franklin Multi-Income Trust Franklin Municipal Securities Trust Franklin Mutual Series Fund, Inc. Franklin Natural Resources Fund (Nasdaq: FRNRX, FNRAX) Franklin New Jersey Tax-Free Income Fund (Nasdaq: FRNJX, FNJBX, FNIIX) Franklin New York Insured Tax-Free Income Fund (Nasdaq: FRNYX, FNYKX) Franklin New York Intermediate-Term Tax-Free Income Fund (Nasdaq: FKNIX) Franklin New York Limited Term Tax-Free Income Fund Franklin New York Tax-Exempt Money Fund (Nasdaq: FRNXX) Franklin New York Tax-Free Income Fund (Nasdaq: FNYTX, FNYAX, FTFBX, FNYIX) Franklin New York Tax Free Trust Franklin North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Tax-Free Income Fund (Nasdaq: FXNCX, FNCIX) Franklin Ohio Insured Tax-Free Income Fund (Nasdaq: FTOIX, FBOIX, FOITX) Franklin Oregon Tax-Free Income Fund (Nasdaq: FRORX, FORIX FORIX Formula One Results & Information Explorer (auto racing) ) Franklin Pennsylvania Tax-Free Income Fund (Nasdaq: FRPAX, FBPTX, FRPTX) Franklin Real Estate Securities Fund (Nasdaq: FREEX, FRLAX, FBREX, FRRSX) Franklin Real Estate Securities Trust Franklin Rising Dividends Fund (Nasdaq: FRDPX, FRDBX, FRDTX, FRDRX) Franklin Short-Intermediate U.S. Government Securities Fund (Nasdaq: FRGVX, FSUAX) Franklin Small Cap Growth Fund II (Nasdaq: FSGRX, FSSAX, FBSGX, FCSGX, FSSRX) Franklin Small Cap Value Fund (Nasdaq: FRVLX, FVADX, FBVAX, FRVFX, FVFRX) Franklin Small-Mid Cap Growth Fund (Nasdaq: FRSGX, FSGAX, FBSMX, FRSIX, FSMRX) Franklin Strategic Income Fund (Nasdaq: FRSTX, FKSAX, FKSBX, FSGCX, FKSRX) Franklin Strategic Mortgage Portfolio (Nasdaq: FSMIX) Franklin Strategic Series Franklin Tax Advantaged Bond Fund Franklin Tax Advantaged High Yield Securities Fund Franklin Tax-Exempt Money Fund (Nasdaq: FTMXX) Franklin Tax Free Trust Franklin Technology Fund (Nasdaq: FTCAX, FRTCX, FFTCX, FTERX) Franklin Templeton Conservative Target Fund (Nasdaq: FTCIX, FTCCX, FTCRX) Franklin Templeton CoreFolio Allocation Fund (Nasdaq: FTCOX) Franklin Templeton Founding Funds Allocation Fund (Nasdaq: FFALX, FFABX, FFACX) Franklin Templeton Fund Allocator Series Franklin Templeton Global Trust Franklin Templeton Growth Target Fund (Nasdaq: FGTIX, FTGTX, FGTRX) Franklin Templeton Hard Currency Fund (Nasdaq: ICPHX) Franklin Templeton Japan Fund Franklin Templeton Moderate Target Fund (Nasdaq: FMTIX, FTMTX, FTMRX) Franklin Templeton Money Fund (Nasdaq: FMBXX, FRIXX, FMRXX) Franklin Templeton Money Fund Trust Franklin Tennessee Municipal Bond Fund Municipal Bond Fund A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund. Notes: Because the bonds are local government issues, they usually help to maximize tax-exempt income. (Nasdaq: FRTIX) Franklin Texas Tax-Free Income Fund (Nasdaq: FTXTX, FTXIX) Franklin Total Return Fund (Nasdaq: FKBAX, FBDAX, FBTLX, FCTLX, FTRRX) Franklin U.S. Government Securities Fund (Nasdaq: FKUSX, FUSAX, FUGBX, FRUGX, FUSRX) Franklin U.S. Long-Short Fund (Nasdaq: FUSLX) Franklin Utilities Fund (Nasdaq: FKUTX, FRUAX, FRUBX, FRUSX, FRURX) Franklin Virginia Tax-Free Income Fund (Nasdaq: FRVAX, FVAIX) Templeton China World Fund (Nasdaq: TCWAX, TACWX) Templeton Developing Markets Trust (Nasdaq: TEDMX, TDADX, TDMBX, TDMTX, TDMRX) Templeton Foreign Fund (Nasdaq: TEMFX, TFFAX, TFRBX, TEFTX, TEFRX) Templeton Foreign Smaller Companies Fund (Nasdaq: FINEX FINEX The Financial Futures and Options Division of the New York Cotton Exchange (NYCE), with a trading floor in Dublin, FINEX Europe, creating a 24-hour market in most FINEX contracts. , FTFAX, FCFSX) Templeton Global Bond Fund (Nasdaq: TPINX, TGBAX, TEGBX) Templeton Global Long-Short Fund (Nasdaq: TLSAX, TLSBX) Templeton Global Opportunities Trust (Nasdaq: TEGOX, TEGPX) Templeton Global Smaller Companies Fund, Inc. (Nasdaq: TEMGX, TGSAX, TESGX) Templeton Growth Fund, Inc. (Nasdaq: TEPLX, TGADX, TMGBX, TEGTX, TEGRX) Templeton International (Ex EM) Fund (Nasdaq: TEGEX, TGEFX) Templeton Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Fund (Nasdaq: TELAX, TLAAX, TLAIX) Templeton Pacific Growth Fund (Nasdaq: FKPGX, FPGCX) Templeton World Fund (Nasdaq: TEMWX, TWDBX, TEWTX) Mutual Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Fund (Nasdaq: TEBIX, TEBBX, TEMEX TEMEX Telemetry Exchange , BEGRX) Mutual Discovery Fund (Nasdaq: TEDIX, TEDBX, TEDSX, TEDRX, MDISX) Mutual European Fund (Nasdaq: TEMIX, TEUBX, TEURX, MEURX) Mutual Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Fund (Nasdaq: TFSIX, TBFSX, TMFSX, TEFAX) Mutual Qualified Fund (Nasdaq: TEQIX, TEBQX, TEMQX, MQIFX) Mutual Recovery Fund (Nasdaq: FMRVX) Mutual Shares Fund (Nasdaq: TESIX, FMUBX, TEMTX, TESRX, MUTHX) The complaint charges Franklin Resources, Inc., Franklin Advisers, Inc., Franklin/Templeton Distributors, Inc., Templeton/Franklin Investment Services, Inc., Franklin Private Client Group, Inc., and FT Funds, among others, with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of 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 . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Complaint, FT Funds, Franklin Resources, Inc., defendant Daniel G. Calugar ("Calugar") and his broker-dealer, Security Brokerage, Inc. (collectively the "Calugar Defendants") and other defendants engaged in illegal and improper
Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. , which caused financial injury to all shareholders of the FT Funds. In particular, the Defendants surreptitiously sur·rep·ti·tious adj. 1. Obtained, done, or made by clandestine or stealthy means. 2. Acting with or marked by stealth. See Synonyms at secret. permitted certain favored investors, including the Calugar Defendants and others to engage in "timing" of the FT Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the FT Mutual Funds' prospectuses. 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. 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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