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Chimicles & Tikellis LLP announces that a derivative lawsuit has been filed on behalf of the Franklin family of funds (the “Funds”), operated by Franklin Resources, Inc. and its subsidiaries, 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:
Franklin AGE High Income Fund (Sym: AGEFX, FAHAX, FHIBX, FRAIX, FAHRX)
Franklin Adjustable U.S. Government Securities Fund (Sym: FISAX, FCSCX)
Franklin Aggressive Growth Fund (Sym: FGRAX, FRAAX, FKABX, FKACX, FKARX)
Franklin Alabama Tax-Free Income Fund (Sym: FRALX, FALEX)
Franklin Arizona Tax-Free Income Fund (Sym: FTAZX, FBAZX, FAZIX)
Franklin Balance Sheet Investment Fund (Sym: FRBSX, FBSAX, FBSBX, FCBSX, FBSRX)
Franklin Biotechnology Discovery Fund (Sym: FBDIX)
Franklin Blue Chip Fund (Sym: FKBCX, FKBBX, FBCCX, FBCRX)
Franklin California High Yield Municipal Fund (Sym: FCAMX, FBCAX, FCAHX)
Franklin California Insured Tax-Free Income Fund (Sym: FRCIX, FRCBX, FRCAX)
Franklin California Intermediate-Term Tax-Free Income Fund (Sym: FKCIX)
Franklin California Limited Term Tax-Free Income Fund
Franklin California Tax-Exempt Money Fund (Sym: FCLXX)
Franklin California Tax-Free Income Fund (Sym: FKTFX, FCAVX, FCABX, FRCTX)
Franklin Capital Growth Fund (Sym: FKREX, FEACX, FKEQX, FREQX, FKIRX)
Franklin Colorado Tax-Free Income Fund (Sym: FRCOX, FCOIX)
Franklin Connecticut Tax-Free Income Fund (Sym: FXCTX, FCTIX)
Franklin Convertible Securities Fund (Sym: FISCX, FROTX)
Franklin Double Tax-Free Income Fund (Sym: FPRTX, FPRIX)
Franklin DynaTech Fund (Sym: FKDNX, FDNBX, FDYNX)
Franklin Equity Income Fund (Sym: FISEX, FBEIX, FRETX, FREIX)
Franklin Federal Intermediate-Term Tax-Free Income Fund (Sym: FKITX)
Franklin Federal Limited Term Tax-Free Income Fund (Sym: FFTFX)
Franklin Federal Money Fund (Sym: FMNXX)
Franklin Federal Tax-Free Income Fund (Sym: FKTIX, FAFTX, FFTBX, FRFTX)
Franklin Flex Cap Growth Fund (Sym: FKCGX, FKCBX, FCIIX, FRCGX)
Franklin Floating Rate Daily Access Fund (Sym: FAFRX, FBFRX, FCFRX)
Franklin Floating Rate Trust (Sym: XFFLX)
Franklin Florida Insured Tax-Free Income Fund (Sym: FFLTX)
Franklin Florida Tax-Free Income Fund (Sym: FRFLX, FRFBX, FRFIX)
Franklin Georgia Tax-Free Income Fund (Sym: FTGAX, FGAIX)
Franklin Global Aggressive Growth Fund
Franklin Global Communications Fund (Sym: FRGUX)
Franklin Global Growth Fund
Franklin Global Health Care Fund (Sym: FKGHX, FGHBX, FGIIX)
Franklin Gold and Precious Metals Fund (Sym: FKRCX, FGADX, FAGPX, FRGOX)
Franklin Growth Fund (Sym: FKGRX, FCGAX, FKGBX, FRGSX, FGSRX)
Franklin High Yield Tax-Free Income Fund (Sym: FRHIX, FYIBX, FHYIX)
Franklin Income Fund (Sym: FKINX, FRIAX, FBICX, FICBX, FCISX, FISRX)
Franklin Insured Tax-Free Income Fund (Sym: FTFIX, FBITX, FRITX)
Franklin Kentucky Tax-Free Income Fund (Sym: FRKYX)
Franklin Large Cap Growth Fund (Sym: FKGAX, FRGAX, FKGCX, FRLGX)
Franklin Large Cap Value Fund (Sym: FLVAX, FBLCX, FLCVX, FLCRX)
Franklin Louisiana Tax-Free Income Fund (Sym: FKLAX, FLAIX)
Franklin Maryland Tax-Free Income Fund (Sym: FMDTX, FMDIX)
Franklin Massachusetts Insured Tax-Free Income Fund (Sym: FMISX, FMAIX)
Franklin Michigan Insured Tax-Free Income Fund (Sym: FTTMX, FBMIX, FRMTX
Franklin MicroCap Value Fund (Sym: FRMCX)
Franklin Minnesota Insured Tax-Free Income Fund (Sym: FMINX, FMNIX)
Franklin Missouri Tax-Free Income Fund (Sym: FRMOX, FMOIX)
Franklin Money Fund (Sym: FMFXX)
Franklin Natural Resources Fund (Sym: FRNRX, FNRAX)
Franklin New Jersey Tax-Free Income Fund (Sym: FRNJX, FNJBX, FNIIX)
Franklin New York Insured Tax-Free Income Fund (Sym: FRNYX, FNYKX)
Franklin New York Intermediate-Term Tax-Free Income Fund (Sym: FKNIX)
Franklin New York Limited Term Tax-Free Income Fund
Franklin New York Tax-Exempt Money Fund (Sym: FRNXX)
Franklin New York Tax-Free Income Fund (Sym: FNYTX, FNYAX, FTFBX, FNYIX)
Franklin North Carolina Tax-Free Income Fund (Sym: FXNCX, FNCIX)
Franklin Ohio Insured Tax-Free Income Fund (Sym: FTOIX, FBOIX, FOITX)
Franklin Oregon Tax-Free Income Fund (Sym: FRORX, FORIX)
Franklin Pennsylvania Tax-Free Income Fund (Sym: FRPAX, FBPTX, FRPTX)
Franklin Real Estate Securities Fund (Sym: FREEX, FRLAX, FBREX, FRRSX)
Franklin Rising Dividends Fund (Sym: FRDPX, FRDBX, FRDTX, FRDRX)
Franklin Short-Intermediate U.S. Government Securities Fund (Sym: FRGVX, FSUAX)
Franklin Small Cap Growth Fund II (Sym: FSGRX, FSSAX, FBSGX, FCSGX, FSSRX)
Franklin Small Cap Value Fund (Sym: FRVLX, FVADX, FBVAX, FRVFX, FVFRX)
Franklin Small-Mid Cap Growth Fund (Sym: FRSGX, FSGAX, FBSMX, FRSIX, FSMRX)
Franklin Strategic Income Fund (Sym: FRSTX, FKSAX, FKSBX, FSGCX, FKSRX)
Franklin Strategic Mortgage Portfolio (Sym: FSMIX)
Franklin Tax-Exempt Money Fund (Sym: FTMXX)
Franklin Technology Fund (Sym: FTCAX, FRTCX, FFTCX, FTERX)
Franklin Templeton Conservative Target Fund (Sym: FTCIX, FTCCX, FTCRX)
Franklin Templeton CoreFolio Allocation Fund (Sym: FTCOX)
Franklin Templeton Founding Funds Allocation Fund (Sym: FFALX, FFABX, FFACX)
Franklin Templeton Growth Target Fund (Sym: FGTIX, FTGTX, FGTRX)
Franklin Templeton Hard Currency Fund (Sym: ICPHX)
Franklin Templeton Moderate Target Fund (Sym: FMTIX, FTMTX, FTMRX)
Franklin Templeton Money Fund (Sym: FMBXX, FRIXX, FMRXX)
Franklin Tennessee Municipal Bond Fund (Sym: FRTIX)
Franklin Texas Tax-Free Income Fund (Sym: FTXTX, FTXIX)
Franklin Total Return Fund (Sym: FKBAX, FBDAX, FBTLX, FCTLX, FTRRX)
Franklin U.S. Government Securities Fund (Sym: FKUSX, FUSAX, FUGBX, FRUGX, FUSRX)
Franklin U.S. Long-Short Fund (Sym: FUSLX)
Franklin Utilities Fund (Sym: FKUTX, FRUAX, FRUBX, FRUSX, FRURX)
Franklin Virginia Tax-Free Income Fund (Sym: FRVAX, FVAIX)
Templeton China World Fund (Sym: TCWAX, TACWX)
Templeton Developing Markets Trust (Sym: TEDMX, TDADX, TDMBX, TDMTX, TDMRX)
Templeton Foreign Fund (Sym: TEMFX, TFFAX, TFRBX, TEFTX, TEFRX)
Templeton Foreign Smaller Companies Fund (Sym: FINEX, FTFAX, FCFSX)
Templeton Global Bond Fund (Sym: TPINX, TGBAX, TEGBX)
Templeton Global Long-Short Fund (Sym: TLSAX, TLSBX)
Templeton Global Opportunities Trust (Sym: TEGOX, TEGPX)
Templeton Global Smaller Companies Fund, Inc. (Sym: TEMGX, TGSAX. TESGX)
Templeton Growth Fund, Inc. (Sym: TEPLX, TGADX, TMGBX, TEGTX, TEGRX)
Templeton International (Ex EM) Fund (Sym: TEGEX, TGEFX)
Templeton Latin America Fund (Sym: TELAX, TLAAX, TLAIX)
Templeton Pacific Growth Fund (Sym: FKPGX, FPGCX)
Templeton World Fund (Sym: TEMWX, TWDBX, TEWTX)
Mutual Beacon Fund (Sym: TEBIX, TEBBX, TEMEX, BEGRX)
Mutual Discovery Fund (Sym: TEDIX, TEDBX, TEDSX, TEDRX, MDISX)
Mutual European Fund (Sym: TEMIX, TEUBX, TEURX, MEURX)
Mutual Financial Services Fund (Sym: TFSIX, TBFSX, TMFSX, TEFAX)
Mutual Qualified Fund (Sym: TEQIX, TEBQX, TEMQX, MQIFX)
Mutual Recovery Fund (Sym: FMRVX)
Mutual Shares Fund (Sym: TESIX, FMUBX, TEMTX, TESRX, MUTHX)
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