CHICAGO, Dec. 30, 2003 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the Northern District of California on behalf of purchasers, redeemers and holders of shares of the Excelsior Mutual Funds set forth below (the "Funds") between November 23, 1998 and November 14, 2003, inclusive ("Class Period").
The Funds that are the subject of this suit and their symbols 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, 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, UMBIX)
Excelsior Funds Mid Cap Value Shares Fund (Nasdaq:EXVAX, 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, 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, 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, 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 John Doe Defendants with violating the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and with common law breach of fiduciary duties.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Louis A. Kessler at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Excelsior.
Specifically, 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 "market 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 purchased, held or redeemed the Funds during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than January 20, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.