Squitieri & Fearon, LLP Files Breach of Fiduciary Duty Action for Improper Trading Practices at Janus Mutual Funds — JAMRX
NEW YORK, Sept. 9, 2003 (PRIMEZONE) — Squitieri & Fearon, LLP has filed a lawsuit charging improper trading practices at Janus Capital Corp., Inc. The Complaint is brought by a shareholder of Janus Mercury Fund who purchased/acquired mutual fund shares of Janus Mercury Fund (Nasdaq:JAMRX), against Janus Capital Group, Inc. (“Janus Capital Group”) and its subsidiary Janus Capital Management LLC (“Janus Capital”). The Complaint charges violations of statutory and common law breach of fiduciary duty.
The Complaint alleges that the above named defendants engaged in illegal and/or improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the subject mutual funds, in return for substantial fees and other income for themselves and their affiliates.
The Complaint alleges that defendants engaged in wrongful conduct known as “timing.” Timing is an investment technique involving short-term “in and out” trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares. It is widely acknowledged that “timing” inures to the detriment of long-term shareholders. Nonetheless, in return for investments from certain hedge funds and other traders that would increase fund managers’ fees, fund managers entered into undisclosed agreements to allow them to “time” their funds. Funds affected include at least the following: Janus Mercury Fund and the Janus High Yield Fund.
If you bought, redeemed or owned shares of the funds noted above, are interested in participating in this action, or would like to discuss this action, you may call or write:
Squitieri & Fearon, LLP Squitieri & Fearon, LLP Lee Squitieri, Esq. Lee Squitieri, Esq. One Gateway Center 420 Fifth Avenue Suite 2500 18th Floor Newark, New Jersey 07102 New York, New York 10018 Tel: 201-445-8595 Tel: 212-575-2092
Email: lee@sfclasslaw.com Facsimile: 212-575-2184
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
CONTACT: Squitieri & Fearon, LLP 201-445-8595 or 212-575-2092 lee@sfclasslaw.com
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