BALTIMORE, Md., Nov. 24, 2003 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of shares of The Charles Schwab Corporation, U.S. Trust Corporation, N.A., and its Excelsior family of funds ("the Excelsior Funds") during the period between November 23, 1998 and November 14, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940.
The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:
-- Excelsior California Tax Exempt Income Fund
(Nasdaq:UMCAX)
-- Excelsior Early Life Cycle Fund (Nasdaq:UMLC)
-- Excelsior Funds Equity Income Fund (Nasdaq:UMEIX)
-- Excelsior Funds Inc. Biotechnology Fund (Nasdaq:UMBTX)
-- Excelsior Funds Inc. Blended Equity Fund
(Nasdaq:UMEQX)
-- Excelsior Funds Inc. Emerging Markets Fund
(Nasdaq:UMEMX)
-- Excelsior Funds Inc. Energy & Natural Resource Fund
(Nasdaq:UMESX)
-- Excelsior Funds Inc. High Yield Fund (Nasdaq:EXHYX;
Nasdaq:UMHYX)
-- Excelsior Funds Inc. Large Capital Growth Fund
(Nasdaq:UMLGX)
-- Excelsior Funds Inc. Real Estate Fund (Nasdaq:UMREX)
-- Excelsior Funds Inc. Value & Restructuring Fund
(Nasdaq:EXBIX; Nasdaq:UMBIX)
-- Excelsior Funds Mid Cap Value Shares Fund (Nasdaq:EXVAX;
Nasdaq:UMVEX)
-- Excelsior Government Money Fund (Nasdaq:UTGXX)
-- Excelsior Institutional Equity Fund (Nasdaq:EXEQX)
-- Excelsior Institutional Funds International Equity Fund
(Nasdaq:EXIIX)
-- Excelsior Institutional Money Fund (Nasdaq:EXINX;
Nasdaq:EXIXX)
-- Excelsior Institutional Total Return Fund
(Nasdaq:EXTBX)
-- Excelsior Intermediate-Term Managed Income Fund
(Nasdaq:UIMIX)
-- Excelsior Intermediate-Term Tax-Exempt Fund
(Nasdaq:UMITX)
-- Excelsior International Fund (Nasdaq:UMINX)
-- Excelsior Long Term Tax Exempt Fund (Nasdaq:UMLTX)
-- Excelsior Managed Income Fund (Nasdaq:UMMGX)
-- Excelsior Money Fund (Nasdaq:UTMXX)
-- Excelsior Optimum Growth Fund (Nasdaq:EXOAX;
Nasdaq:UMGRX)
-- Excelsior Pacific/Asia Fund (Nasdaq:USPAX)
-- Excelsior Pan European Fund (Nasdaq:UMPNX)
-- Excelsior Short Term Government Securities Fund
(Nasdaq:UMGVX)
-- Excelsior Short-Term Tax-Exempt Securities Fund
(Nasdaq:USSSX)
-- Excelsior Tax Exempt Fund (Nasdaq:USSXX)
-- Excelsior Tax Exempt Funds Inc. New York Intermediate
Term Tax Exempt Fund (Nasdaq:UMNYX; Nasdaq:UTNXX)
-- Excelsior Treasury Money Fund (Nasdaq:UTTXX)
The wrongful conduct alleged in and which is the subject of the lawsuit relates to "timing." As used, "timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares to turn a quick profit. The lawsuit alleges that timing injures ordinary mutual fund investors who are not allowed to engage in such practices and benefits the mutual fund companies.
No class has yet been certified in the lawsuit. Until a class is certified, you are not represented unless you retain an attorney. If you are a member of the proposed class, meaning you are one who purchased any of the mutual funds referenced herein during the Class Period, you may be eligible to serve as a plaintiff. To be a member of the class, if certified, you need not take any action at this time. You may retain counsel of your choice. If you bought shares of any of the funds between November 23, 1998 and November 14, 2003, inclusive, and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than January 20, 2004.
If you are one who purchased any of the mutual funds referenced above during the Class Period and want to discuss your legal rights, or if you have information or questions about other mutual fund companies being investigated for improper conduct, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca