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Columbia and Columbia Acorn Funds Case 03/03/2005

  • If you purchased a significant amount of shares of this company you have certain options and for certain investors are short and strict deadlines running. Investors should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Security

Case Name
Columbia and Columbia Acorn Funds Case 03/03/2005
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$0.00

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Summary

In a recent decision by the U.S. Court of Appeals for the First Circuit, the court overruled the dismissal of the claims against former Columbia Funds executives James Tambone and Robert Hussey. The SEC alleges that Tambone and Hussey knowingly distributed false prospectuses, inaccurately stating that market timing was permitted. Thus allowing 8 preferred customers to market time Columbia Funds between 1998 and 2003. The court found that the former executives had a legal duty to adhere to the accurate prospectuses. The lower court had found that the two were not responsible for the distribution of the false prospectuses. These claims follow the settlement between the SEC and Columbia Management Advisors, Inc. and Columbia Funds Distributor, Inc in 2007.
The class action against Columbia and Columbia Acorn Funds, filed on behalf of shareholders held their shares at any time during the period of August 2, 1999 through May 31, 2007, was settled on September 18, 2007 in the United States District Court for the District of Massachusetts.

Date Settled