| Company: | Bank One Corp. |
| Ticker Symbol: | NYSE: ONE |
| Class Period: | September 9, 2000 through September 2, 2003 |
| Court: | Southern District, NY |
| Date Filed: | Sep-10-03 |
| Lead Plaintiff Deadline: | Nov-04-03 |
| Allegations: |
The Complaint alleges that during the Class Period, the above-named mutual fund companies 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 the schemes at Bank One, Janus, Bank of America, and Strong took two primary forms. First is the "late trading" of mutual fund shares by select customers of the fund (including hedge funds). Specifically, the complaint alleges that certain mutual fund investors of the above-named fund companies, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary"), improperly arranged with defendants that orders placed after 4 p.m. on a given day would illegally receive that day's price (as opposed to the next day's price, which the order would have received had it been processed lawfully). This allowed Canary and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not.
The complaint further 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: Bank One's One Group "Equity Funds" (which consist of the following funds: One Group Small Cap Growth Fund, Small Cap Value Fund (PGSGX), Mid Cap Growth Fund (OSGIX), Mid Cap Value Fund (OGDIX), Diversified Mid Cap Fund (PECAX), Large Cap Growth Fund (OLGAX), Large Cap Value Fund (OLVAX), Equity Income Fund (OIEIX), Diversified Equity Fund (PAVGX), Balanced Fund (OGASX), Equity Index Fund (OGEAX), Market Expansion Index Fund (OMEAX), Health Sciences Fund (OHSAX), Technology Fund (OGTAX), International Equity Index Fund (OEIAX), and Diversified International Fund (PGIEX)); the Janus Mercury Fund and the Janus High-Yield Fund; Bank of America's "Nations Funds"; and the Strong Growth 20 Fund, Strong Growth Fund, Advisor Mid Cap Growth Fund, Strong Large Cap Growth Fund, and Strong Dividend Income Fund.
If you acquired the securities of the defendants during the Class Period you may, no later than November 4, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
