BALA CYNWYD, Pa., Sept. 10, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Southern District of Ohio on behalf of all purchasers, redeemers and holders of shares of the One Group International Equity Index Fund (NASDAQ: OEIAX, OGEBX, OIICX, OIEAX), One Group Diversified International Fund (NASDAQ: PGIEX, ONIBX, OGDCX, WOIEX), One Group Small Cap Growth Fund (NASDAQ: PGSGX, OGFBX, OSGCX, OGGFX), One Group Mid Cap Growth Fund (NASDAQ: OSGIX, OGOBX, OMGCX, HLGEX), One Group Mid Cap Value Fund (NASDAQ: OGDIX, OGDBX, OMVCX, HLDEX), One Group Diversified Mid Cap Fund (NASDAQ: PECAX, ODMBX, ODMCX, WOOPX) and other funds managed by wholly-owned subsidiaries of Bank One Corporation (collectively, the "One Group Funds") between March 21, 2002 and April 30, 2003 (the "Class Period").
The following funds may be subject to the above class action lawsuit:
One Group Balanced (NASDAQ: OGASX, OAMAX, OAMBX, OGAFX)
One Group Diversified Equity (NASDAQ: PAVGX, OVBGX, ODECX, OGVFX)
One Group Diversified Mid Cap (NASDAQ: PECAX, ODMBX, ODMCX, WOOPX)
One Group Equity Income (NASDAQ: OIEIX, OGIBX, OINCX, HLIEX)
One Group Equity Index (NASDAQ: OGEAX, OGEIX, OEICX, HLEIX)
One Group Health Sciences (NASDAQ: OHSAX, OHSBX, OHSCX, OHSIX)
One Group Investor Balanced (NASDAQ: OGIAX, OGBBX, OGBCX, OIBFX)
One Group Investor Conservative Growth (NASDAQ: OICAX, OICGX, OCGCX,
ONCFX)
One Group Investor Growth & Income (NASDAQ: ONGIX, ONEBX, ONECX,
ONGFX)
One Group Investor Growth (NASDAQ: ONGAX, OGIGX, OGGCX, ONIFX)
One Group Large Cap Growth (NASDAQ: OLGAX, OGLGX, OLGCX)
One Group Large Cap Value (NASDAQ: OLVAX, OLVBX, OLVCX, HLQVX)
One Group Market Expansion Index (NASDAQ: OMEAX, OMEBX, OMECX, PGMIX)
One Group Small Cap Value (NASDAQ: PSOAX, PSOBX, OSVCX, PSOPX)
One Group Technology (NASDAQ: OGTAX, OGTBX, OGTCX, OGTIX)
One Group Arizona Municipal Bond (NASDAQ: OAMAX, OAMBX, OGAFX)
One Group Kentucky Municipal Bond (NASDAQ: OKYAX, ONKBX, TRKMX)
One Group Louisiana Municipal Bond (NASDAQ: PGLAX, ONLBX, OGLFX)
One Group Michigan Municipal Bond (NASDAQ: PEIAX, OMIBX, WOMBX)
One Group Ohio Municipal Bond (NASDAQ: ONOHX, OOHBX, HLOMX)
One Group West Virginia Municipal Bond (NASDAQ: OQWAX, OGWBX, OGWFX)
One Group Short-Term Municipal Bond (NASDAQ: OSTAX, OSTBX, PGUIX)
One Group Municipal Income (NASDAQ: OTBAX, OTBBX, OMICX, HLTAX)
One Group Intermediate Tax-Free (NASDAQ: ONTAX, ONFBX, HLTIX)
One Group Tax-Free Bond (NASDAQ: PMBAX, PUBBX, PRBIX)
One Group Bond (NASDAQ: PGBOX, OBOBX, OBOCX , WOBDX)
One Group Government Bond (NASDAQ: OGGAX, OGGBX, OGVCX, HLGAX)
One Group High Yield Bond (NASDAQ: OHYAX, OGHBX, OGHCX, OHYFX)
One Group Income Bond (NASDAQ: ONIAX, OINBX, OBDCX, HLIPX)
One Group Intermediate Bond (NASDAQ: OGBAX, OBDBX, OIMCX, SEIFX)
One Group Mortgage-Backed Securities (NASDAQ: OMBAX, OMBIX)
One Group Short-Term Bond (NASDAQ: OGLVX, OVBXB, OSTCX HLLVX)
One Group Treasury & Agency Bond (NASDAQ: OTABX, ONTBX, F001CQ,
OGTFX)
One Group Ultra Short-Term Bond (NASDAQ: ONUAX, ONUBX ,OGUCX, HLGFX)
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges the One Group Funds, Bank One Corporation, and certain of its wholly-owned subsidiaries with violations of the Investment Company Act of 1940 and common law breach of fiduciary duties in return for substantial fees and other income for themselves and their affiliates. The Complaint alleges that during the Class Period, the One Group Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the One Group Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Defendant Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary") to illegally receive the prior day's price for orders placed after 4 p.m. This allowed Canary and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not.
The complaint further alleges that defendants permitted Canary and other favored investors to engage in "timing" of the One Group 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 One Group Funds' prospectuses.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.