NEW YORK, Sept. 9, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer announces that it has filed a class action lawsuit on behalf of all persons who purchased Columbia 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 Columbia Funds named below, are as follows:
Columbia Acorn Fund (Nasdaq:LACAX), (Nasdaq:LACBX), (Nasdaq:LIACX), (Nasdaq:ACRNX) Columbia Acorn Select (Nasdaq:LTFAX), (Nasdaq:LTFBX), (Nasdaq:LTFCX), (Nasdaq:ACTWX) Columbia Acorn USA (Nasdaq:LAUAX), (Nasdaq:LAUBX), (Nasdaq:LAUCX), (Nasdaq:AUSAX) Columbia Asset Allocation Fund (Nasdaq:LAAAX), (Nasdaq:LAABX), (Nasdaq:LAACX), (Nasdaq:GBAAX), (Nasdaq:GAAAX), (Nasdaq:GAATX) Columbia Balanced Fund (Nasdaq:CBLAX), (Nasdaq:CBLBX), (Nasdaq:CBLCX), (Nasdaq:CBLDX), (Nasdaq:CBALX) Columbia Common Stock Fund (Nasdaq:CMSAX), (Nasdaq:CMSBX), (Nasdaq:CCSCX), (Nasdaq:CMSDX), (Nasdaq:CMSTX) Columbia Disciplined Value Fund (Nasdaq:LEVAX), (Nasdaq:LEVBX), (Nasdaq:LEVCX), (Nasdaq:GEVBX), (Nasdaq:GALEX), (Nasdaq:GEVTX) Columbia Dividend Income Fund (Nasdaq:LBSAX), (Nasdaq:LBSBX), (Nasdaq:LBSCX), (Nasdaq:GEQBX), (Nasdaq:GEQAX), (Nasdaq:GSFTX) Columbia Growth & Income Fund (Nasdaq:CFGAX), (Nasdaq:CFGBX), (Nasdaq:CFGDX), (Nasdaq:LGISX) Columbia Growth Fund (Nasdaq:CGWAX), (Nasdaq:CGWBX), (Nasdaq:CGWCX), (Nasdaq:CGWDX), (Nasdaq:CGWGX), (Nasdaq:CLMBX) Columbia Growth Stock Fund (Nasdaq:CGSAX), (Nasdaq:CGSBX), (Nasdaq:CGSCX), (Nasdaq:SRFSX) Columbia Large Cap Core Fund (Nasdaq:LCCAX), (Nasdaq:LCCBX), (Nasdaq:LCCCX), (Nasdaq:GGRBX), (Nasdaq:SGIEX), (Nasdaq:SMGIX) Columbia Large Cap Growth Fund (Nasdaq:LEGAX), (Nasdaq:LEGBX), (Nasdaq:LEGCX), (Nasdaq:GBEGX), (Nasdaq:GAEGX), (Nasdaq:GEGTX) Columbia Large Company Index Fund (Nasdaq:LLIAX), (Nasdaq:LLIBX), (Nasdaq:LLICX), (Nasdaq:ILCIX) Columbia Liberty Fund (Nasdaq:COLFX), (Nasdaq:CCFBX), (Nasdaq:CTCCX), (Nasdaq:CTCFX) Columbia Mid Cap Growth Fund (Nasdaq:CBSAX), (Nasdaq:CBSBX), (Nasdaq:CMCCX), (Nasdaq:CBSDX), (Nasdaq:CBSGX), (Nasdaq:CBSTX), (Nasdaq:CLSPX) Columbia Mid Cap Value Fund (Nasdaq:COLGX), (Nasdaq:COGBX), (Nasdaq:CSVCX), (Nasdaq:LSVSX) Columbia Real Estate Equity Fund (Nasdaq:CREAX), (Nasdaq:CREBX), (Nasdaq:CRECX), (Nasdaq:CREDX), (Nasdaq:CREEX) Columbia Small Cap Fund (Nasdaq:LSMAX), (Nasdaq:LSMBX), (Nasdaq:LSMCX), (Nasdaq:GBSMX), (Nasdaq:SSCEX), (Nasdaq:SMCEX) Columbia Small Cap Growth Fund (Nasdaq:CMSCX) Columbia Small Cap Value Fund (Nasdaq:CSMIX), (Nasdaq:CSSBX), (Nasdaq:CSSCX), (Nasdaq:CSCZX) Columbia Small Company Equity Fund (Nasdaq:LSEAX), (Nasdaq:LSEBX), (Nasdaq:LSECX), (Nasdaq:GERBX), (Nasdaq:GASEX), (Nasdaq:GSETX) Columbia Small Company Index Fund (Nasdaq:LBIAX), (Nasdaq:LBIBX), (Nasdaq:LBICX), (Nasdaq:ISCIX) Columbia Strategic Investor Fund (Nasdaq:CSVAX), (Nasdaq:CSVBX), (Nasdaq:CSRCX), (Nasdaq:CSVDX), (Nasdaq:CSVFX) Columbia Tax-Managed Aggressive Growth Fund (Nasdaq:LTMAX), (Nasdaq:LTAGX), (Nasdaq:LTACX), (Nasdaq:LTAZX) Columbia Tax-Managed Growth Fund (Nasdaq:STMAX), (Nasdaq:CTMBX), (Nasdaq:CTMCX), (Nasdaq:LMGZX) Columbia Tax-Managed Growth Fund II (Nasdaq:LTGAX), (Nasdaq:LTIIX), (Nasdaq:LTGCX), (Nasdaq:LTGZX) Columbia Tax-Managed Value Fund (Nasdaq:SRVAX), (Nasdaq:CTMVX), (Nasdaq:LTVCX), (Nasdaq:LTMZX) Columbia Technology Fund (Nasdaq:CTCAX), (Nasdaq:CTCBX), (Nasdaq:CTHCX), (Nasdaq:CTCDX), (Nasdaq:CMTFX) Columbia Thermostat Fund (Nasdaq:CTFAX), (Nasdaq:CTFBX), (Nasdaq:CTFDX), (Nasdaq:COTZX) Columbia Utilities Fund (Nasdaq:CUTLX), (Nasdaq:CUTBX), (Nasdaq:CUTFX), (Nasdaq:LUFZX) Columbia Young Investor Fund (Nasdaq:LYIAX), (Nasdaq:LYIBX), (Nasdaq:LYICX), (Nasdaq:SRYIX) Columbia Acorn International Fund (Nasdaq:LAIAX), (Nasdaq:LIABX), (Nasdaq:LAICX), (Nasdaq:ACINX) Columbia Acorn International Select Fund (Nasdaq:LAFAX), (Nasdaq:LFFBX), (Nasdaq:LFFCX), (Nasdaq:ACFFX) Columbia Europe Fund (Nasdaq:NEUAX), (Nasdaq:LNEBX), (Nasdaq:LNECX), (Nasdaq:LNEZX) Columbia European Thematic Equity Fund (Nasdaq:LSREX) Columbia Global Equity Fund (Nasdaq:CGUAX), (Nasdaq:CGUBX), (Nasdaq:CGUCX) Columbia Global Thematic Equity Fund:(Nasdaq:LSRGX) Columbia International Equity Fund (Nasdaq:LIEAX), (Nasdaq:LIEBX), (Nasdaq:LIECX), (Nasdaq:GBIEX), (Nasdaq:GAIEX), (Nasdaq:GIETX) Columbia International Stock Fund (Nasdaq:CISAX), (Nasdaq:CISBX), (Nasdaq:CSKCX), (Nasdaq:CISDX), (Nasdaq:CMISX) Columbia Newport Asia Pacific Fund (Nasdaq:NWAPX), (Nasdaq:LNABX), (Nasdaq:LNACX), (Nasdaq:LAPSX) Columbia Newport Japan Opportunities Fund (Nasdaq:NJOAX), (Nasdaq:NJOBX), (Nasdaq:NJOCX), (Nasdaq:LNJZX) Columbia Newport Greater China Fund (Nasdaq:NGCAX), (Nasdaq:NGCBX), (Nasdaq:NGCCX), (Nasdaq:LNGZX) Columbia Newport Tiger Fund (Nasdaq:CNTAX), (Nasdaq:CNTBX), (Nasdaq:CNTDX), (Nasdaq:CNTTX), (Nasdaq:CNTZX) Columbia Contrarian Income Fund (Nasdaq:CHINX), (Nasdaq:LCIBX), (Nasdaq:LCICX), (Nasdaq:LCIZX) Columbia Corporate Bond Fund (Nasdaq:LBCAX), (Nasdaq:LBCBX), (Nasdaq:LBCCX), (Nasdaq:GCBTX) Columbia Daily Income Company Fund CDIXX Columbia Federal Securities Fund (Nasdaq:CFSAX), (Nasdaq:CFSOX), (Nasdaq:CFSCX), (Nasdaq:LFSZX) Columbia Fixed Income Securities Fund (Nasdaq:CFIAX), (Nasdaq:CFIBX), (Nasdaq:CISCX), (Nasdaq:CFIDX), (Nasdaq:CFISX) Columbia Floating Rate Advantage Fund (Nasdaq:XSFRX), (Nasdaq:XSFBX), (Nasdaq:XLACX), (Nasdaq:XLAZX) Columbia Floating Rate Fund (Nasdaq:XLFAX), (Nasdaq:XLSBX), (Nasdaq:XLFCX), (Nasdaq:XLFZX) Columbia High Yield Fund (Nasdaq:CHGAX), (Nasdaq:CHGBX), (Nasdaq:CHDCX), (Nasdaq:CHGDX), (Nasdaq:CMHYX) Columbia High Yield Opportunity Fund (Nasdaq:COLHX), (Nasdaq:COHBX), (Nasdaq:CHYCX), (Nasdaq:LHYZX) Columbia Income Fund (Nasdaq:LIIAX), (Nasdaq:CIOBX), (Nasdaq:CIOCX), (Nasdaq:SRINX) Columbia Intermediate Bond Fund (Nasdaq:LIBAX), (Nasdaq:LIBBX), (Nasdaq:LIBCX), (Nasdaq:SRBFX) Columbia Intermediate Government Income Fund (Nasdaq:LIGAX), (Nasdaq:LIGBX), (Nasdaq:LIGCX), (Nasdaq:GGIBX), (Nasdaq:GALBX), (Nasdaq:GIBTX) Columbia Money Market Fund (Nasdaq:CMMXX), (Nasdaq:CMBXX), (Nasdaq:CMCXX), (Nasdaq:LMZXX) Columbia Quality Plus Bond Fund (Nasdaq:LQPAX), (Nasdaq:LQPBX), (Nasdaq:LQPCX), (Nasdaq:GBHQX), (Nasdaq:GAHQX), (Nasdaq:GHQTX) Columbia Short Term Bond Fund (Nasdaq:CTBAX), (Nasdaq:CTBBX), (Nasdaq:CSHCX), (Nasdaq:CTBDX), (Nasdaq:CTBGX), (Nasdaq:CTBTX), (Nasdaq:CUGGX) Columbia Strategic Income Fund (Nasdaq:COSIX), (Nasdaq:CLSBX), (Nasdaq:CLSCX), (Nasdaq:LSIZX) Columbia US Treasury Index Fund (Nasdaq:LUTAX), (Nasdaq:LUTBX), (Nasdaq:LUTCX), (Nasdaq:IUTIX) Columbia California Tax-Exempt Fund (Nasdaq:CLMPX), (Nasdaq:CCABX), (Nasdaq:CCAOX) Columbia Connecticut Intermediate Municipal Bond (Nasdaq:LCTAX), (Nasdaq:LCTBX), (Nasdaq:LCTCX), (Nasdaq:GCBBX), (Nasdaq:GCBAX), (Nasdaq:SCTEX) Columbia Connecticut Tax-Exempt Fund (Nasdaq:COCTX), (Nasdaq:CCTBX), (Nasdaq:CCTCX) Columbia Florida Intermediate Municipal Bond Fund (Nasdaq:LFIAX), (Nasdaq:LFIBX), (Nasdaq:LFICX), (Nasdaq:SFTEX) Columbia High Yield Municipal Fund (Nasdaq:LHIAX), (Nasdaq:CHMBX), (Nasdaq:CHMCX), (Nasdaq:SRHMX) Columbia Intermediate Tax-Exempt Bond Fund (Nasdaq:LITAX), (Nasdaq:LITBX), (Nasdaq:LITCX), (Nasdaq:GIMBX), (Nasdaq:GIMAX), (Nasdaq:SETMX) Columbia Managed Municipals Fund (Nasdaq:LMMAX), (Nasdaq:LMMBX), (Nasdaq:LMMCX), (Nasdaq:SRMMX) Columbia Massachusetts Intermediate Municipal Bond Fund (Nasdaq:LMIAX), (Nasdaq:LMIBX), (Nasdaq:LMICX), (Nasdaq:GMBBX), (Nasdaq:GMBAX), (Nasdaq:SEMAX) Columbia Massachusetts Tax-Exempt Fund (Nasdaq:COMAX), (Nasdaq:CMABX), (Nasdaq:COMCX) Columbia Municipal Money Market Fund (Nasdaq:CXMXX), (Nasdaq:CMNXX), (Nasdaq:CMXXX), (Nasdaq:CMZXX) Columbia National Municipal Bond Fund (Nasdaq:CNLAX), (Nasdaq:CNLBX), (Nasdaq:CNBCX), (Nasdaq:CNLDX), (Nasdaq:CLNMX) Columbia New Jersey Intermediate Municipal Bond Fund (Nasdaq:LNIAX), (Nasdaq:LNIBX), (Nasdaq:LNICX), (Nasdaq:GNJBX), (Nasdaq:GNJAX), (Nasdaq:GNJTX) Columbia New York Intermediate Municipal Bond Fund (Nasdaq:LNYAX), (Nasdaq:LNYBX), (Nasdaq:LNYCX), (Nasdaq:GBNYX), (Nasdaq:GANYX), (Nasdaq:GNYTX) Columbia New York Tax-Exempt Fund (Nasdaq:COLNX), (Nasdaq:CNYBX), (Nasdaq:CNYCX) Columbia Oregon Municipal Bond Fund (Nasdaq:COEAX), (Nasdaq:COEBX), (Nasdaq:CORCX), (Nasdaq:COEDX), (Nasdaq:CMBFX) Columbia Pennsylvania Intermediate Municipal Bond Fund (Nasdaq:LPIAX), (Nasdaq:LPIBX), (Nasdaq:LPICX), (Nasdaq:GTPAX) Columbia Rhode Island Intermediate Municipal Bond Fund (Nasdaq:LRIAX), (Nasdaq:LRIBX), (Nasdaq:LRICX), (Nasdaq:GRBBX), (Nasdaq:GRBAX), (Nasdaq:GRITX) Columbia Tax-Exempt Fund (Nasdaq:COLTX), (Nasdaq:CTEBX), (Nasdaq:COLCX) Columbia Tax-Exempt Insured Fund (Nasdaq:CEXIX), (Nasdaq:CEIBX), (Nasdaq:CEINX)
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 include Columbia 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 Columbia 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.