NEW YORK, Sept. 6, 2005 (PRIMEZONE) -- Company corrects release issued on Sept. 2, 2005. The release, issued under the same headline, incorrectly identified the Family of Funds. The corrected release follows:
The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased American 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 American Funds named below, are as follows:
Nasdaq Ticker:
CAFAX American Funds Amcap 529A CAFBX American Funds Amcap 529B CAFCX American Funds Amcap 529C CAFEX American Funds Amcap 529E CAFFX American Funds Amcap 529F AMCPX American Funds Amcap A AMPBX American Funds Amcap B AMPCX American Funds Amcap C AMPFX American Funds Amcap F RAFAX American Funds Amcap R1 RAFBX American Funds Amcap R2 RAFCX American Funds Amcap R3 RAFEX American Funds Amcap R4 RAFFX American Funds Amcap R5 CLBAX American Funds American Balanced 529A CLBBX American Funds American Balanced 529B CLBCX American Funds American Balanced 529C CLBEX American Funds American Balanced 529E CLBFX American Funds American Balanced 529F ABALX American Funds American Balanced A BALBX American Funds American Balanced B BALCX American Funds American Balanced C BALFX American Funds American Balanced F RLBAX American Funds American Balanced R1 RLBBX American Funds American Balanced R2 RLBCX American Funds American Balanced R3 RLBEX American Funds American Balanced R4 RLBFX American Funds American Balanced R5 CITAX American Funds American Hi Inc Tr 529A CITBX American Funds American Hi Inc Tr 529B CITCX American Funds American Hi Inc Tr 529C CITEX American Funds American Hi Inc Tr 529E CITFX American Funds American Hi Inc Tr 529F AHITX American Funds American Hi Inc Tr A AHTBX American Funds American Hi Inc Tr B AHTCX American Funds American Hi Inc Tr C AHTFX American Funds American Hi Inc Tr F RITAX American Funds American Hi Inc Tr R1 RITBX American Funds American Hi Inc Tr R2 RITCX American Funds American Hi Inc Tr R3 RITEX American Funds American Hi Inc Tr R4 RITFX American Funds American Hi Inc Tr R5 CMLAX American Funds American Mutual 529A CMLBX American Funds American Mutual 529B CMLCX American Funds American Mutual 529C CMLEX American Funds American Mutual 529E CMLFX American Funds American Mutual 529F AMRMX American Funds American Mutual A AMFBX American Funds American Mutual B AMFCX American Funds American Mutual C AMFFX American Funds American Mutual F RMFAX American Funds American Mutual R1 RMFBX American Funds American Mutual R2 RMFCX American Funds American Mutual R3 RMFEX American Funds American Mutual R4 RMFFX American Funds American Mutual R5 CFAAX American Funds Bond Fund of Amer 529A CFABX American Funds Bond Fund of Amer 529B CFACX American Funds Bond Fund of Amer 529C CFAEX American Funds Bond Fund of Amer 529E CFAFX American Funds Bond Fund of Amer 529F ABNDX American Funds Bond Fund of Amer A BFABX American Funds Bond Fund of Amer B BFACX American Funds Bond Fund of Amer C BFAFX American Funds Bond Fund of Amer F RBFAX American Funds Bond Fund of Amer R1 RBFBX American Funds Bond Fund of Amer R2 RBFCX American Funds Bond Fund of Amer R3 RBFEX American Funds Bond Fund of Amer R4 RBFFX American Funds Bond Fund of Amer R5 CIRAX American Funds Capital Inc Bldr 529A CIRBX American Funds Capital Inc Bldr 529B CIRCX American Funds Capital Inc Bldr 529C CIREX American Funds Capital Inc Bldr 529E CIRFX American Funds Capital Inc Bldr 529F CAIBX American Funds Capital Inc Bldr A CIBBX American Funds Capital Inc Bldr B CIBCX American Funds Capital Inc Bldr C CIBFX American Funds Capital Inc Bldr F RIRAX American Funds Capital Inc Bldr R1 RIRBX American Funds Capital Inc Bldr R2 RIRCX American Funds Capital Inc Bldr R3 RIREX American Funds Capital Inc Bldr R4 RIRFX American Funds Capital Inc Bldr R5 CCWAX American Funds Capital World Bd 529A CCWBX American Funds Capital World Bd 529B CCWCX American Funds Capital World Bd 529C CCWEX American Funds Capital World Bd 529E CCWFX American Funds Capital World Bd 529F CWBFX American Funds Capital World Bd A WBFBX American Funds Capital World Bd B CWBCX American Funds Capital World Bd C WBFFX American Funds Capital World Bd F RCWAX American Funds Capital World Bd R1 RCWBX American Funds Capital World Bd R2 RCWCX American Funds Capital World Bd R3 RCWEX American Funds Capital World Bd R4 RCWFX American Funds Capital World Bd R5 CWIAX American Funds Capital World G/I 529A CWIBX American Funds Capital World G/I 529B CWICX American Funds Capital World G/I 529C CWIEX American Funds Capital World G/I 529E CWIFX American Funds Capital World G/I 529F CWGIX American Funds Capital World G/I A CWGBX American Funds Capital World G/I B CWGCX American Funds Capital World G/I C CWGFX American Funds Capital World G/I F RWIAX American Funds Capital World G/I R1 RWIBX American Funds Capital World G/I R2 RWICX American Funds Capital World G/I R3 RWIEX American Funds Capital World G/I R4 RWIFX American Funds Capital World G/I R5 CEUAX American Funds EuroPacific Gr 529A CEUBX American Funds EuroPacific Gr 529B CEUCX American Funds EuroPacific Gr 529C CEUEX American Funds EuroPacific Gr 529E CEUFX American Funds EuroPacific Gr 529F AEPGX American Funds EuroPacific Gr A AEGBX American Funds EuroPacific Gr B AEPCX American Funds EuroPacific Gr C AEGFX American Funds EuroPacific Gr F RERAX American Funds EuroPacific Gr R1 RERBX American Funds EuroPacific Gr R2 RERCX American Funds EuroPacific Gr R3 REREX American Funds EuroPacific Gr R4 RERFX American Funds EuroPacific Gr R5 CFNAX American Funds Fundamental Invs 529A CFNBX American Funds Fundamental Invs 529B CFNCX American Funds Fundamental Invs 529C CFNEX American Funds Fundamental Invs 529E CFNFX American Funds Fundamental Invs 529F ANCFX American Funds Fundamental Invs A AFIBX American Funds Fundamental Invs B AFICX American Funds Fundamental Invs C AFIFX American Funds Fundamental Invs F RFNAX American Funds Fundamental Invs R1 RFNBX American Funds Fundamental Invs R2 RFNCX American Funds Fundamental Invs R3 RFNEX American Funds Fundamental Invs R4 RFNFX American Funds Fundamental Invs R5 CGFAX American Funds Grth Fund of Amer 529A CGFBX American Funds Grth Fund of Amer 529B CGFCX American Funds Grth Fund of Amer 529C CGFEX American Funds Grth Fund of Amer 529E CGFFX American Funds Grth Fund of Amer 529F AGTHX American Funds Grth Fund of Amer A AGRBX American Funds Grth Fund of Amer B GFACX American Funds Grth Fund of Amer C GFAFX American Funds Grth Fund of Amer F RGAAX American Funds Grth Fund of Amer R1 RGABX American Funds Grth Fund of Amer R2 RGACX American Funds Grth Fund of Amer R3 RGAEX American Funds Grth Fund of Amer R4 RGAFX American Funds Grth Fund of Amer R5 AMHIX American Funds High-Inc Muni Bond A ABHMX American Funds High-Inc Muni Bond B AHICX American Funds High-Inc Muni Bond C ABHFX American Funds High-Inc Muni Bond F CIMAX American Funds Inc Fund of Amer 529A CIMBX American Funds Inc Fund of Amer 529B CIMCX American Funds Inc Fund of Amer 529C CIMEX American Funds Inc Fund of Amer 529E CIMFX American Funds Inc Fund of Amer 529F AMECX American Funds Inc Fund of Amer A IFABX American Funds Inc Fund of Amer B IFACX American Funds Inc Fund of Amer C IFAFX American Funds Inc Fund of Amer F RIDAX American Funds Inc Fund of Amer R1 RIDBX American Funds Inc Fund of Amer R2 RIDCX American Funds Inc Fund of Amer R3 RIDEX American Funds Inc Fund of Amer R4 RIDFX American Funds Inc Fund of Amer R5 AIBAX American Funds Intm Bd Fd of Amer A IBFBX American Funds Intm Bd Fd of Amer B IBFCX American Funds Intm Bd Fd of Amer C IBFFX American Funds Intm Bd Fd of Amer F CBOAX American Funds IntmBd Fd of Amer 529A CBOBX American Funds IntmBd Fd of Amer 529B CBOCX American Funds IntmBd Fd of Amer 529C CBOEX American Funds IntmBd Fd of Amer 529E CBOFX American Funds IntmBd Fd of Amer 529F RBOAX American Funds IntmBd Fd of Amer R1 RBOBX American Funds IntmBd Fd of Amer R2 RBOCX American Funds IntmBd Fd of Amer R3 RBOEX American Funds IntmBd Fd of Amer R4 RBOFX American Funds IntmBd Fd of Amer R5 CICAX American Funds Invmt Co of Amer 529A CICBX American Funds Invmt Co of Amer 529B CICCX American Funds Invmt Co of Amer 529C CICEX American Funds Invmt Co of Amer 529E CICFX American Funds Invmt Co of Amer 529F AIVSX American Funds Invmt Co of Amer A AICBX American Funds Invmt Co of Amer B AICCX American Funds Invmt Co of Amer C AICFX American Funds Invmt Co of Amer F RICAX American Funds Invmt Co of Amer R1 RICBX American Funds Invmt Co of Amer R2 RICCX American Funds Invmt Co of Amer R3 RICEX American Funds Invmt Co of Amer R4 RICFX American Funds Invmt Co of Amer R5 RTXFX American Funds Ltd-Term Tax-Ex Bd R5 LTEBX American Funds Ltd-Term Tx-Ex Bd A LTXBX American Funds Ltd-Term Tx-Ex Bd B LTXCX American Funds Ltd-Term Tx-Ex Bd C LTXFX American Funds Ltd-Term Tx-Ex Bd F CNGAX American Funds New Economy 529A CNGBX American Funds New Economy 529B CNGCX American Funds New Economy 529C CNGEX American Funds New Economy 529E CNGFX American Funds New Economy 529F ANEFX American Funds New Economy A ANFBX American Funds New Economy B ANFCX American Funds New Economy C ANFFX American Funds New Economy F RNGAX American Funds New Economy R1 RNGBX American Funds New Economy R2 RNGCX American Funds New Economy R3 RNGEX American Funds New Economy R4 RNGFX American Funds New Economy R5 CNPAX American Funds New Perspective 529A CNPBX American Funds New Perspective 529B CNPCX American Funds New Perspective 529C CNPEX American Funds New Perspective 529E CNPFX American Funds New Perspective 529F ANWPX American Funds New Perspective A NPFBX American Funds New Perspective B NPFCX American Funds New Perspective C NPFFX American Funds New Perspective F RNPAX American Funds New Perspective R1 RNPBX American Funds New Perspective R2 RNPCX American Funds New Perspective R3 RNPEX American Funds New Perspective R4 RNPFX American Funds New Perspective R5 CNWAX American Funds New World 529A CNWBX American Funds New World 529B CNWCX American Funds New World 529C CNWEX American Funds New World 529E CNWFX American Funds New World 529F NEWFX American Funds New World A NEWBX American Funds New World B NEWCX American Funds New World C NWFFX American Funds New World F RNWAX American Funds New World R1 RNWBX American Funds New World R2 RNWCX American Funds New World R3 RNWEX American Funds New World R4 RNWFX American Funds New World R5 CSPAX American Funds Smallcap World 529A CSPBX American Funds Smallcap World 529B CSPCX American Funds Smallcap World 529C CSPEX American Funds Smallcap World 529E CSPFX American Funds Smallcap World 529F SMCWX American Funds Smallcap World A SCWBX American Funds Smallcap World B SCWCX American Funds Smallcap World C SCWFX American Funds Smallcap World F RSLAX American Funds Smallcap World R1 RSLBX American Funds Smallcap World R2 RSLCX American Funds Smallcap World R3 RSLEX American Funds Smallcap World R4 RSLFX American Funds Smallcap World R5 AFTEX American Funds Tax-Exempt Bond A TEBFX American Funds Tax-Exempt Bond B TEBCX American Funds Tax-Exempt Bond C AFTFX American Funds Tax-Exempt Bond F RTAFX American Funds Tax-Exempt Bond R5 TAFTX American Funds Tax-Exempt Fund CA A TECBX American Funds Tax-Exempt Fund CA B TECCX American Funds Tax-Exempt Fund CA C TECFX American Funds Tax-Exempt Fund CA F RTCFX American Funds Tax-Exempt Fund CA R5 TMMDX American Funds Tax-Exempt Fund MD A TEMBX American Funds Tax-Exempt Fund MD B TEMCX American Funds Tax-Exempt Fund MD C TMDFX American Funds Tax-Exempt Fund MD F RTMFX American Funds Tax-Exempt Fund MD R5 TFVAX American Funds Tax-Exempt Fund VA A TEVBX American Funds Tax-Exempt Fund VA B TEVCX American Funds Tax-Exempt Fund VA C TEVFX American Funds Tax-Exempt Fund VA F RTVFX American Funds Tax-Exempt Fund VA R5 CGTAX American Funds US Government Sec 529A CGTBX American Funds US Government Sec 529B CGTCX American Funds US Government Sec 529C CGTEX American Funds US Government Sec 529E CGTFX American Funds US Government Sec 529F AMUSX American Funds US Government Sec A UGSBX American Funds US Government Sec B UGSCX American Funds US Government Sec C UGSFX American Funds US Government Sec F RGVAX American Funds US Government Sec R1 RGVBX American Funds US Government Sec R2 RGVCX American Funds US Government Sec R3 RGVEX American Funds US Government Sec R4 RGVFX American Funds US Government Sec R5 CWMAX American Funds Washington Mutual 529A CWMBX American Funds Washington Mutual 529B CWMCX American Funds Washington Mutual 529C CWMEX American Funds Washington Mutual 529E CWMFX American Funds Washington Mutual 529F AWSHX American Funds Washington Mutual A WSHBX American Funds Washington Mutual B WSHCX American Funds Washington Mutual C WSHFX American Funds Washington Mutual F RWMAX American Funds Washington Mutual R1 RWMBX American Funds Washington Mutual R2 RWMCX American Funds Washington Mutual R3 RWMEX American Funds Washington Mutual R4 RWMFX American Funds Washington Mutual R5
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 American 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 American 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.