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Chimicles & Tikellis LLP announces that a derivative lawsuit has been filed on behalf of the Columbia family of funds (the “Funds”), operated by FleetBoston Financial Corporation (“FleetBoston”) (NYSE: FBF), Columbia Management Group, Inc (“Columbia Group”), Columbia Management Advisors, Inc. (“Columbia Advisors”), and Columbia Wanger Asset Management, L.P. (“Columbia Wanger”), seeking to pursue remedies under common law and the Investment Advisers Act of 1940.
The Complaint alleges that defendants violated common law and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that certain of the defendants improperly allowed certain favored investors to engage in “timing” of the Funds’ securities. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.
The derivative complaint seeks damages for harm caused to the various mutual fund families, disgorgement of excessive management fees and profits, removal of fund directors, rescission of fund management contracts, and the payment of attorneys’ fees and expenses, as well as therapeutic or structural changes in the funds’ policies and review procedures, aimed at decreasing the risk of similar wrongdoing occurring in the future. It is our belief that a derivative action will maximize recovery to investors because the illegally gained profits will be returned to the Fund and inure to the benefit of the investors.
Please contact us if you are an investor in one of the following mutual fund families and would like to learn more about the cases and possibly become a named plaintiff in a derivate lawsuit filed on behalf of the mutual fund:
Timothy N. Mathews, Esquire (timothymathews@chimicles.com)
Chimicles & Tikellis LLP
361 West Lancaster Avenue
Haverford, PA 19041
Toll Free: 866-399-2487
The Funds, and the symbols for the respective Funds named below, are as follows:
Columbia Acorn Fund (Sym: LACAX, LACBX, LIACX, ACRNX)
Columbia Acorn Select (Sym: LTFAX, LTFBX, LTFCX, ACTWX)
Columbia Acorn USA (Sym: LAUAX, LAUBX, LAUCX, AUSAX)
Columbia Asset Allocation Fund (Sym: LAAAX, LAABX, LAACX, GBAAX, GAAAX, GAATX)
Columbia Balanced Fund (Sym: CBLAX, CBLBX, CBLCX, CBLDX, CBALX)
Columbia Common Stock Fund (Sym: CMSAX, CMSBX, CCSCX, CMSDX, CMSTX)
Columbia Disciplined Value Fund (Sym: LEVAX, LEVBX, LEVCX, GEVBX, GALEX, GEVTX)
Columbia Dividend Income Fund (Sym: LBSAX, LBSBX, LBSCX, GEQBX, GEQAX, GSFTX)
Columbia Growth & Income Fund (Sym: CFGAX, CFGBX, CFGDX, LGISX)
Columbia Growth Fund (Sym: CGWAX, CGWBX, CGWCX, CGWDX, CGWGX, CLMBX)
Columbia Growth Stock Fund (Sym: CGSAX, CGSBX, CGSCX, SRFSX)
Columbia Large Cap Core Fund (Sym: LCCAX, LCCBX, LCCCX, GGRBX, SGIEX, SMGIX)
Columbia Large Cap Growth Fund (Sym: LEGAX, LEGBX, LEGCX, GBEGX, GAEGX, GEGTX)
Columbia Large Company Index Fund (Sym: LLIAX, LLIBX, LLICX, ILCIX)
Columbia Liberty Fund (Sym: COLFX, CCFBX, CTCCX, CTCFX)
Columbia Mid Cap Growth Fund (Sym: CBSAX, CBSBX, CMCCX, CBSDX, CBSGX, CBSTX, CLSPX)
Columbia Mid Cap Value Fund (Sym: COLGX, COGBX, CSVCX, LSVSX)
Columbia Real Estate Equity Fund (Sym: CREAX, CREBX, CRECX, CREDX, CREEX)
Columbia Small Cap Fund (Sym: LSMAX, LSMBX, LSMCX, GBSMX, SSCEX, SMCEX)
Columbia Small Cap Growth Fund (Sym: CMSCX)
Columbia Small Cap Value Fund (Sym: CSMIX, CSSBX, CSSCX, CSCZX)
Columbia Small Company Equity Fund (Sym: LSEAX, LSEBX, LSECX, GERBX, GASEX, GSETX)
Columbia Small Company Index Fund (Sym: LBIAX, LBIBX, LBICX, ISCIX)
Columbia Strategic Investor Fund (Sym: CSVAX, CSVBX, CSRCX, CSVDX, CSVFX)
Columbia Tax-Managed Aggressive Growth Fund (Sym: LTMAX, LTAGX, LTACX, LTAZX)
Columbia Tax-Managed Growth Fund (Sym: STMAX, CTMBX, CTMCX, LMGZX)
Columbia Tax-Managed Growth Fund II (Sym: LTGAX, LTIIX, LTGCX, LTGZX)
Columbia Tax-Managed Value Fund (Sym: SRVAX, CTMVX, LTVCX, LTMZX)
Columbia Technology Fund (Sym: CTCAX, CTCBX, CTHCX, CTCDX, CMTFX)
Columbia Thermostat Fund (Sym: CTFAX, CTFBX, CTFDX, COTZX)
Columbia Utilities Fund (Sym: CUTLX, CUTBX, CUTFX, LUFZX)
Columbia Young Investor Fund (Sym: LYIAX, LYIBX, LYICX, SRYIX)
Columbia Acorn International Fund (Sym: LAIAX, LIABX, LAICX, ACINX)
Columbia Acorn International Select Fund (Sym: LAFAX, LFFBX, LFFCX, ACFFX)
Columbia Europe Fund (Sym: NEUAX, LNEBX, LNECX, LNEZX )
Columbia European Thematic Equity Fund (Sym: LSREX)
Columbia Global Equity Fund (Sym: CGUAX, CGUBX, CGUCX )
Columbia Global Thematic Equity Fund LSRGX
Columbia International Equity Fund (Sym: LIEAX, LIEBX, LIECX, GBIEX, GAIEX, GIETX )
Columbia International Stock Fund (Sym: CISAX, CISBX, CSKCX, CISDX, CMISX )
Columbia Newport Asia Pacific Fund (Sym: NWAPX, LNABX, LNACX, LAPSX )
Columbia Newport Japan Opportunities Fund (Sym: NJOAX, NJOBX, NJOCX, LNJZX)
Columbia Newport Greater China Fund (Sym: NGCAX, NGCBX, NGCCX, LNGZX )
Columbia Newport Tiger Fund (Sym: CNTAX, CNTBX, CNTDX, CNTTX, CNTZX )
Columbia Contrarian Income Fund (Sym: CHINX, LCIBX, LCICX, LCIZX )
Columbia Corporate Bond Fund (Sym: LBCAX, LBCBX, LBCCX, GCBTX )
Columbia Daily Income Company Fund CDIXX
Columbia Federal Securities Fund (Sym: CFSAX, CFSOX, CFSCX, LFSZX)
Columbia Fixed Income Securities Fund (Sym: CFIAX, CFIBX, CISCX, CFIDX, CFISX)
Columbia Floating Rate Advantage Fund (Sym: XSFRX, XSFBX, XLACX, XLAZX)
Columbia Floating Rate Fund (Sym: XLFAX, XLSBX, XLFCX, XLFZX )
Columbia High Yield Fund (Sym: CHGAX, CHGBX, CHDCX, CHGDX, CMHYX )
Columbia High Yield Opportunity Fund (Sym: COLHX, COHBX, CHYCX, LHYZX )
Columbia Income Fund (Sym: LIIAX, CIOBX, CIOCX, SRINX )
Columbia Intermediate Bond Fund (Sym: LIBAX, LIBBX, LIBCX, SRBFX)
Columbia Intermediate Government Income Fund (Sym: LIGAX, LIGBX, LIGCX, GGIBX, GALBX, GIBTX )
Columbia Money Market Fund (Sym: CMMXX, CMBXX, CMCXX, LMZXX )
Columbia Quality Plus Bond Fund (Sym: LQPAX, LQPBX, LQPCX, GBHQX, GAHQX, GHQTX )
Columbia Short Term Bond Fund (Sym: CTBAX, CTBBX, CSHCX, CTBDX, CTBGX, CTBTX, CUGGX )
Columbia Strategic Income Fund (Sym: COSIX, CLSBX, CLSCX, LSIZX )
Columbia US Treasury Index Fund (Sym: LUTAX, LUTBX, LUTCX, IUTIX )
Columbia California Tax-Exempt Fund (Sym: CLMPX, CCABX, CCAOX)
Columbia Connecticut Intermediate Municipal Bond (Sym: LCTAX, LCTBX, LCTCX, GCBBX, GCBAX, SCTEX )
Columbia Connecticut Tax-Exempt Fund (Sym: COCTX, CCTBX, CCTCX)
Columbia Florida Intermediate Municipal Bond Fund (Sym: LFIAX, LFIBX, LFICX, SFTEX )
Columbia High Yield Municipal Fund (Sym: LHIAX, CHMBX, CHMCX, SRHMX )
Columbia Intermediate Tax-Exempt Bond Fund (Sym: LITAX, LITBX, LITCX, GIMBX, GIMAX, SETMX)
Columbia Managed Municipals Fund (Sym: LMMAX, LMMBX, LMMCX, SRMMX)
Columbia Massachusetts Intermediate Municipal Bond Fund (Sym: MIAX, LMIBX, LMICX, GMBBX, GMBAX, SEMAX )
Columbia Massachusetts Tax-Exempt Fund (Sym: COMAX, CMABX, COMCX )
Columbia Municipal Money Market Fund (Sym: CXMXX, CMNXX, CMXXX, CMZXX)
Columbia National Municipal Bond Fund (Sym: CNLAX, CNLBX, CNBCX, CNLDX, CLNMX)
Columbia New Jersey Intermediate Municipal Bond Fund (Sym: LNIAX, LNIBX, LNICX, GNJBX, GNJAX, GNJTX )
Columbia New York Intermediate Municipal Bond Fund (Sym: LNYAX, LNYBX, LNYCX, GBNYX, GANYX, GNYTX )
Columbia New York Tax-Exempt Fund (Sym: COLNX, CNYBX, CNYCX )
Columbia Oregon Municipal Bond Fund (Sym: COEAX, COEBX, CORCX, COEDX, CMBFX)
Columbia Pennsylvania Intermediate Municipal Bond Fund (Sym: LPIAX, LPIBX, LPICX, GTPAX)
Columbia Rhode Island Intermediate Municipal Bond Fund (Sym: LRIAX, LRIBX, LRICX, GRBBX, GRBAX, GRITX )
Columbia Tax-Exempt Fund (Sym: COLTX, CTEBX, COLCX )
Columbia Tax-Exempt Insured Fund (Sym: CEXIX, CEIBX, CEINX)
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