NEW YORK, Sept. 7, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Putnam Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective Putnam Funds named below, are as follows:
Putnam American Government Income Fund (Nasdaq:PAGVX) (Nasdaq:PAMBX) (Nasdaq:PAMMX) Putnam Arizona Tax Exempt Income Fund (Nasdaq:PTAZX) (Nasdaq:PAZBX) Putnam Asset Allocation:Balanced Portfolio (Nasdaq:PABAX) (Nasdaq:PABBX) (Nasdaq:AABCX) (Nasdaq:PABMX) Putnam Asset Allocation:Conservative Portfolio (Nasdaq:PACAX) (Nasdaq:PACBX) (Nasdaq:PACCX) (Nasdaq:PACMX) Putnam Asset Allocation:Growth Portfolio (Nasdaq:PAEAX) (Nasdaq:PAEBX) (Nasdaq:PAECX) (Nasdaq:PAGMX) Putnam California Tax Exempt Income Fund (Nasdaq:PCTEX) (Nasdaq:PCTBX) (Nasdaq:PCLMX) Putnam Capital Appreciation Fund (Nasdaq:PCAPX) (Nasdaq:PCABX) (Nasdaq:PCAMX) Putnam Capital Opportunities Fund (Nasdaq:PCOAX) (Nasdaq:POPBX) (Nasdaq:PCOCX) Putnam Classic Equity Fund (Nasdaq:PXGIX) (Nasdaq:PGIIX) (Nasdaq:PGTCX) (Nasdaq:PGIMX) Putnam Convertible Income-Growth Trust (Nasdaq:PCONX) (Nasdaq:PCNBX) (Nasdaq:PCNMX) Putnam Discovery Growth Fund (Nasdaq:PVIIX) (Nasdaq:PVYBX) (Nasdaq:PVYCX) (Nasdaq:PVYMX) Putnam Diversified Income Trust (Nasdaq:PDINX) (Nasdaq:PSIBX) (Nasdaq:PDVCX) (Nasdaq:PDVMX) Putnam Equity Income Fund (Nasdaq:PEYAX) (Nasdaq:PEQNX) (Nasdaq:PEQCX) (Nasdaq:PEIMX) Putnam Europe Equity Fund (Nasdaq:PEUGX) (Nasdaq:PEUBX) (Nasdaq:PEUMX) Putnam Florida Tax Exempt Income Fund (Nasdaq:PTFLX) (Nasdaq:PFLBX) Putnam Fund for Growth and Income (Nasdaq:PGRWX) (Nasdaq:PGIBX) (Nasdaq:PGRIX) (Nasdaq:PGRMX) George Putnam Fund of Boston (Nasdaq:PGEOX) (Nasdaq:PGEBX) (Nasdaq:PGPCX) (Nasdaq:PGEMX) Putnam Global Equity Fund (Nasdaq:PEQUX) (Nasdaq:PEQBX) (Nasdaq:PUGCX) (Nasdaq:PEQMX) Putnam Global Income Trust (Nasdaq:PGGIX) (Nasdaq:PGLBX) (Nasdaq:PGGMX) Putnam Global Natural Resources Fund (Nasdaq:EBERX) (Nasdaq:PNRBX) (Nasdaq:PGLMX) Putnam Growth Opportunities Fund (Nasdaq:POGAX) (Nasdaq:POGBX) (Nasdaq:POGCX) (Nasdaq:PGOMX) Putnam Health Sciences Trust (Nasdaq:PHSTX) (Nasdaq:PHSBX) (Nasdaq:PCHSX) (Nasdaq:PHLMX) Putnam High Yield Advantage Fund (Nasdaq:PHYIX) (Nasdaq:PHYBX) (Nasdaq:PHYMX) Putnam High Yield Trust (Nasdaq:PHIGX) (Nasdaq:PHBBX) (Nasdaq:PCHYX) (Nasdaq:PHIMX) Putnam Income Fund (Nasdaq:PINCX) (Nasdaq:PNCBX) (Nasdaq:PUICX) (Nasdaq:PNCMX) Putnam Intermediate U.S. Government Income Fund (Nasdaq:PBLGX) (Nasdaq:PBGBX) (Nasdaq:PVICX) Putnam International Capital Opportunities Fund (Nasdaq:PNVAX) (Nasdaq:PVNBX) (Nasdaq:PUVCX) (Nasdaq:PIVMX) Putnam International Equity Fund (Nasdaq:POVSX) (Nasdaq:POVBX) (Nasdaq:PIGCX) (Nasdaq:POVMX) Putnam International Growth and Income Fund (Nasdaq:PNGAX) (Nasdaq:PGNBX) (Nasdaq:PIGRX) (Nasdaq:PIGMX) Putnam International New Opportunities Fund (Nasdaq:PINOX) (Nasdaq:PINWX) (Nasdaq:PIOCX) (Nasdaq:PINMX) Putnam Investors Fund (Nasdaq:PINVX) (Nasdaq:PNVBX) (Nasdaq:PCINX) (Nasdaq:PNVMX) Putnam Massachusetts Tax Exempt Income Fund (Nasdaq:PXMAX) (Nasdaq:PMABX) Putnam Michigan Tax Exempt Income Fund (Nasdaq:PXIMX) (Nasdaq:PMEBX) Putnam Mid Cap Value Fund (Nasdaq:PMVAX)(Nasdaq:PMVBX) (Nasdaq:PMPCX) Putnam Minnesota Tax Exempt Income Fund (Nasdaq:PXMNX) (Nasdaq:PMTBX) Putnam Money Market Fund (Nasdaq:PDDXX) (Nasdaq:PTBXX) (Nasdaq:PFCXX) (Nasdaq:PTMXX) Putnam Municipal Income Fund (Nasdaq:PTFHX) (Nasdaq:PFHBX) (Nasdaq:PMUMX) Putnam New Jersey Tax Exempt Income Fund (Nasdaq:PTNJX) (Nasdaq:PNJBX) Putnam New Opportunities Fund (Nasdaq:PNOPX) (Nasdaq:PNOBX) (Nasdaq:PNOMX) Putnam New Value Fund (Nasdaq:PANVX) (Nasdaq:PBNVX) (Nasdaq:PNVCX) (Nasdaq:PMNVX) Putnam New York Tax Exempt Income Fund (Nasdaq:PTEIX) (Nasdaq:PEIBX) Putnam New York Tax Exempt Opportunities Fund (Nasdaq:PTNHX) (Nasdaq:PTNBX) (Nasdaq:PNYMX) Putnam OTC & Emerging Growth Fund (Nasdaq:POEGX) (Nasdaq:POTBX) (Nasdaq:POEXC) (Nasdaq:POEMX) Putnam Ohio Tax Exempt Income Fund (Nasdaq:PHOHX) (Nasdaq:POXBX) Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq:PTEPX) (Nasdaq:PPNBX) Putnam Research Fund (Nasdaq:PNRAX) (Nasdaq:PRFBX) (Nasdaq:PRACX) Putnam Small Cap Growth Fund (Nasdaq:PNSAX) Putnam Small Cap Value Fund (Nasdaq:PSLAX) (Nasdaq:PSLBX) (Nasdaq:PSLCX) (Nasdaq:PSLMX) Putnam Tax Exempt Income Fund (Nasdaq:PTAEX) (Nasdaq:PTBEX) (Nasdaq:PTXMX) Putnam Tax Exempt Money Market Fund (Nasdaq:PTXXX) Putnam Tax Smart Equity Fund (Nasdaq:PATSX) (Nasdaq:PBTSX) (Nasdaq:PCSMX) Putnam Tax-Free High Yield Fund (Nasdaq:PTHAX) (Nasdaq:PTHYX) (Nasdaq:PTYMX) Putnam Tax-Free Insured Fund (Nasdaq:PPNAX) (Nasdaq:PTFIX) Putnam U.S. Government Income Trust (Nasdaq:PGSIX) (Nasdaq:PGSBX) (Nasdaq:PGVCX) (Nasdaq:PGSMX) Putnam Utilities Growth and Income Fund (Nasdaq:PUGIX) (Nasdaq:PUTBX) (Nasdaq:PUTMX) Putnam Vista Fund (Nasdaq:PVISX) (Nasdaq:PVTBX) (Nasdaq:PCVFX) (Nasdaq:PVIMX) Putnam Voyager Fund (Nasdaq:PVOYX) (Nasdaq:PVOBX) (Nasdaq:PVFCX) (Nasdaq:PVOMX
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Putnam Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the Putnam Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you 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.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.