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The Law Firms of Whatley Drake, LLC, Gray Weiss & White and Franklin & Hance, LLC Announce Legal Notice: Class Action Suit against First Command Financial Planning, et al.

LOUISVILLE, Ky. -- The law firms of Whatley Drake, LLC, Gray Weiss & White and Franklin & Hance, LLC announced today that on January 28, 2005, an amended class action was filed on behalf of all persons who owned or purchased from the defendants First Command Financial Planning and First Command Financial Services, Inc. a periodic payment plan (also known as systematic investment plan or contractual plan) between the period January 1, 1995 and December 15, 2004 ("Class Period"), inclusive. The periodic payment plans involved are Fidelity Destiny Plans I & II, Pioneer Independence Plans, AIM Summit Investors Plans II and Templeton Capital Accumulation Plans II.

A copy of the amended complaint filed in this action is available from the Court, or can be viewed on Whatley Drake's web site at: http://www.whatleydrake.com.

The action titled Kevin Morrison et al. v. First Command Financial Planning, Inc. et al., Civil Action No. 3:04cv748-H is pending in the United States District Court for the Western District of Kentucky. The courthouse is located at 601 W. Broadway, Louisville, Kentucky 40202. The Hon. Judge John G. Heyburn is presiding over this action.

The action was initially filed in the Circuit Court of Jefferson County, Kentucky on November 24, 2004 and removed to the United States District Court for the Western District of Kentucky. The complaint was amended on January 28, 2005 to add specific allegations that defendants violated Section10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by making materially false and misleading scripted statements and comparisons about the advantages of investing in a periodic payment plan and by omitting material information about such plans. The amended complaint also alleges that defendants violated Section 206 of the Investment Advisors Act and Section 17(a) of the Securities Act of 1933 by engaging in a deceptive course conduct which operated as a fraud or deceit upon the named plaintiffs and class members. The alleged deceptive course of conduct involved, but was not limited to, (a) false and misleading statements about the volatility of no-load funds, (b) the purpose and effect of a fifty (50) percent front load on the first twelve (12) installments under the Plan; (c) the charges associated with the periodic payments plans sold to the named plaintiffs and class members; (d) the representation that the financial planning document known as a Family Financial Plan (FFP) was an objective analysis of the clients needs and (e) the use of former officers as sales representatives. The amended complaint also alleges that the same deceptive course of conduct was used to sell whole life insurance policies to some of the named plaintiffs.

If you owned or purchased a period payment plan from the defendants at any time during the Class Period you may, no later than April 11, 2005, request that the Court appoint you to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, 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. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Matthew White at Gray Weiss & White 502-585-2060 or via e-mail at mcheekgw@aol.com. You may also contact Richard P. Rouco at Whatley Drake, LLC at 205-328-9576 or via email at rrouco@whatleydrake.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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Publication:Business Wire
Date:Feb 8, 2005
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