NEW YORK, Dec. 16, 2003 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today 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 Mutual Funds (the "Excelsior Funds") during the period between November 23, 1998 and November 14, 2003 inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=200&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
Excelsior California Tax Exempt Income Fund (Nasdaq:UMCAX)
Excelsior Early Life Cycle Fund (Nasdaq:UMLCX)
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 complaint charges The Charles Schwab Corporation, Charles Schwab & Co., Inc. (collectively "Charles Schwab"), U.S. Trust Corporation, United States Trust Company of New York, Excelsior Funds, Inc. (collectively "U.S. Trust"), Excelsior Funds Trust, the Excelsior Mutual Funds, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), among other claims, and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period Charles Schwab and U.S. Trust Corporation allowed the Doe defendants and others to engage in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Excelsior Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Excelsior Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the Excelsior Mutual Funds' prospectuses.
If you bought shares of the Excelsior Funds between November 23, 1998 and November 14, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca