NEW YORK, Jan. 12, 2004 (PRIMEZONE) -- Notice is hereby given that Rabin, Murray & Frank LLP commenced a Class Action lawsuit, case number 04 CV 00230, in the United States District Court for the Southern District of New York, on behalf of a class (the "Class") consisting of all persons who purchased securities of Marsh & McLennan Companies, Inc. ("Marsh & McLennan" or the "Company") (NYSE:MMC) between January 3, 2000 and November 3, 2003, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint charges Marsh & McLennan and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning the Company's subsidiary, Putnam Investments, LLC ("Putnam"), caused Marsh & McLennan's stock price to become artificially inflated, inflicting damages on investors. Marsh & McLennan is a global professional services firm and the parent company of various subsidiaries and affiliates, including Putnam, that provide clients with analysis, advice and transactional capabilities in the fields of risk and insurance services, investment management and consulting. The complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented the following adverse facts, among others: (1) that Putnam entered into an illegal agreement with its own fund managers and favored investors wherein Putnam permitted its own fund managers and the favored investors to "market time" the Putnam mutual funds; (2) that in exchange for permitting the favored investors to time the Putnam mutual funds, they deposited "sticky assets" with Putnam; (3) that the "sticky assets" deposited with Putnam permitted Putnam to materially overstate its assets under management and thus permitted Marsh & McLennan to receive a steady flow of fees from such "sticky assets"; and (4) as a result of this illegal scheme, defendants, throughout the Class Period, materially overstated and artificially inflated Marsh & McLennan's earnings, income and earning per share.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired any of the Funds described above, between January 3, 2000 and November 3, 2003 and sustained damages, you may, no later than February 2, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca