NEW YORK, Sept. 7, 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 Franklin 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 Franklin Funds named below, are as follows:
Franklin AGE High Income Fund (Nasdaq:AGEFX), (Nasdaq:FAHAX), (Nasdaq:FHIBX), (Nasdaq:FRAIX), (Nasdaq:FAHRX)
Franklin Adjustable U.S. Government Securities Fund (Nasdaq:FISAX), (Nasdaq:FCSCX)
Franklin Aggressive Growth Fund (Nasdaq:FGRAX), (Nasdaq:FRAAX), (Nasdaq:FKABX), (Nasdaq:FKACX), (Nasdaq:FKARX)
Franklin Alabama Tax-Free Income Fund (Nasdaq:FRALX), (Nasdaq:FALEX)
Franklin Arizona Tax-Free Income Fund (Nasdaq:FTAZX), (Nasdaq:FBAZX), (Nasdaq:FAZIX)
Franklin Balance Sheet Investment Fund (Nasdaq:FRBSX), (Nasdaq:FBSAX), (Nasdaq:FBSBX), (Nasdaq:FCBSX), (Nasdaq:FBSRX)
Franklin Biotechnology Discovery Fund (Nasdaq:FBDIX)
Franklin Blue Chip Fund (Nasdaq:FKBCX), (Nasdaq:FKBBX), (Nasdaq:FBCCX), (Nasdaq:FBCRX)
Franklin California High Yield Municipal Fund (Nasdaq:FCAMX), (Nasdaq:FBCAX), (Nasdaq:FCAHX)
Franklin California Insured Tax-Free Income Fund (Nasdaq:FRCIX), (Nasdaq:FRCBX), (Nasdaq:FRCAX)
Franklin California Intermediate-Term Tax-Free Income Fund (Nasdaq:FKCIX)
Franklin California Limited Term Tax-Free Income Fund
Franklin California Tax-Exempt Money Fund (Nasdaq:FCLXX)
Franklin California Tax-Free Income Fund (Nasdaq:FKTFX), (Nasdaq:FCAVX), (Nasdaq:FCABX), (Nasdaq:FRCTX)
Franklin Capital Growth Fund (Nasdaq:FKREX), (Nasdaq:FEACX), (Nasdaq:FKEQX), (Nasdaq:FREQX), (Nasdaq:FKIRX)
Franklin Colorado Tax-Free Income Fund (Nasdaq:FRCOX), (Nasdaq:FCOIX)
Franklin Connecticut Tax-Free Income Fund (Nasdaq:FXCTX), (Nasdaq:FCTIX)
Franklin Convertible Securities Fund (Nasdaq:FISCX), (Nasdaq:FROTX)
Franklin Double Tax-Free Income Fund (Nasdaq:FPRTX), (Nasdaq:FPRIX)
Franklin DynaTech Fund (Nasdaq:FKDNX), (Nasdaq:FDNBX), (Nasdaq:FDYNX)
Franklin Equity Income Fund (Nasdaq:FISEX), (Nasdaq:FBEIX), (Nasdaq:FRETX), (Nasdaq:FREIX)
Franklin Federal Intermediate-Term Tax-Free Income Fund (Nasdaq:FKITX)
Franklin Federal Limited Term Tax-Free Income Fund (Nasdaq:FFTFX)
Franklin Federal Money Fund (Nasdaq:FMNXX)
Franklin Federal Tax-Free Income Fund (Nasdaq:FKTIX), (Nasdaq:FAFTX), (Nasdaq:FFTBX), (Nasdaq:FRFTX)
Franklin Flex Cap Growth Fund (Nasdaq:FKCGX), (Nasdaq:FKCBX), (Nasdaq:FCIIX), (Nasdaq:FRCGX)
Franklin Floating Rate Daily Access Fund (Nasdaq:FAFRX), (Nasdaq:FBFRX), (Nasdaq:FCFRX)
Franklin Floating Rate Trust (Nasdaq:XFFLX)
Franklin Florida Insured Tax-Free Income Fund (Nasdaq:FFLTX)
Franklin Florida Tax-Free Income Fund (Nasdaq:FRFLX), (Nasdaq:FRFBX), (Nasdaq:FRFIX)
Franklin Georgia Tax-Free Income Fund (Nasdaq:FTGAX), (Nasdaq:FGAIX)
Franklin Global Aggressive Growth Fund
Franklin Global Communications Fund (Nasdaq:FRGUX)
Franklin Global Growth Fund
Franklin Global Health Care Fund (Nasdaq:FKGHX), (Nasdaq:FGHBX), (Nasdaq:FGIIX)
Franklin Gold and Precious Metals Fund (Nasdaq:FKRCX), (Nasdaq:FGADX), (Nasdaq:FAGPX), (Nasdaq:FRGOX)
Franklin Growth Fund (Nasdaq:FKGRX), (Nasdaq:FCGAX), (Nasdaq:FKGBX), (Nasdaq:FRGSX), (Nasdaq:FGSRX)
Franklin High Yield Tax-Free Income Fund (Nasdaq:FRHIX), (Nasdaq:FYIBX), (Nasdaq:FHYIX)
Franklin Income Fund (Nasdaq:FKINX), (Nasdaq:FRIAX), (Nasdaq:FBICX), (Nasdaq:FICBX), (Nasdaq:FCISX), (Nasdaq:FISRX)
Franklin Insured Tax-Free Income Fund (Nasdaq:FTFIX), (Nasdaq:FBITX), (Nasdaq:FRITX)
Franklin Kentucky Tax-Free Income Fund (Nasdaq:FRKYX)
Franklin Large Cap Growth Fund (Nasdaq:FKGAX), (Nasdaq:FRGAX), (Nasdaq:FKGCX), (Nasdaq:FRLGX)
Franklin Large Cap Value Fund (Nasdaq:FLVAX), (Nasdaq:FBLCX), (Nasdaq:FLCVX), (Nasdaq:FLCRX)
Franklin Louisiana Tax-Free Income Fund (Nasdaq:FKLAX), (Nasdaq:FLAIX)
Franklin Maryland Tax-Free Income Fund (Nasdaq:FMDTX), (Nasdaq:FMDIX)
Franklin Massachusetts Insured Tax-Free Income Fund (Nasdaq:FMISX), (Nasdaq:FMAIX)
Franklin Michigan Insured Tax-Free Income Fund (Nasdaq:FTTMX), (Nasdaq:FBMIX), (Nasdaq:FRMTX)
Franklin MicroCap Value Fund (Nasdaq:FRMCX)
Franklin Minnesota Insured Tax-Free Income Fund (Nasdaq:FMINX), (Nasdaq:FMNIX)
Franklin Missouri Tax-Free Income Fund (Nasdaq:FRMOX), (Nasdaq:FMOIX)
Franklin Money Fund (Nasdaq:FMFXX)
Franklin Natural Resources Fund (Nasdaq:FRNRX), (Nasdaq:FNRAX)
Franklin New Jersey Tax-Free Income Fund (Nasdaq:FRNJX), (Nasdaq:FNJBX), (Nasdaq:FNIIX)
Franklin New York Insured Tax-Free Income Fund (Nasdaq:FRNYX), (Nasdaq:FNYKX)
Franklin New York Intermediate-Term Tax-Free Income Fund (Nasdaq:FKNIX)
Franklin New York Limited Term Tax-Free Income Fund
Franklin New York Tax-Exempt Money Fund (Nasdaq:FRNXX)
Franklin New York Tax-Free Income Fund (Nasdaq:FNYTX), (Nasdaq:FNYAX), (Nasdaq:FTFBX), (Nasdaq:FNYIX)
Franklin North Carolina Tax-Free Income Fund (Nasdaq:FXNCX), (Nasdaq:FNCIX)
Franklin Ohio Insured Tax-Free Income Fund (Nasdaq:FTOIX), (Nasdaq:FBOIX), (Nasdaq:FOITX)
Franklin Oregon Tax-Free Income Fund (Nasdaq:FRORX), (Nasdaq:FORIX)
Franklin Pennsylvania Tax-Free Income Fund (Nasdaq:FRPAX), (Nasdaq:FBPTX), (Nasdaq:FRPTX)
Franklin Real Estate Securities Fund (Nasdaq:FREEX), (Nasdaq:FRLAX), (Nasdaq:FBREX), (Nasdaq:FRRSX)
Franklin Rising Dividends Fund (Nasdaq:FRDPX), (Nasdaq:FRDBX), (Nasdaq:FRDTX), (Nasdaq:FRDRX)
Franklin Short-Intermediate U.S. Government Securities Fund (Nasdaq:FRGVX), (Nasdaq:FSUAX)
Franklin Small Cap Growth Fund II (Nasdaq:FSGRX), (Nasdaq:FSSAX), (Nasdaq:FBSGX), (Nasdaq:FCSGX), (Nasdaq:FSSRX)
Franklin Small Cap Value Fund (Nasdaq:FRVLX), (Nasdaq:FVADX), (Nasdaq:FBVAX), (Nasdaq:FRVFX), (Nasdaq:FVFRX)
Franklin Small-Mid Cap Growth Fund (Nasdaq:FRSGX), (Nasdaq:FSGAX), (Nasdaq:FBSMX), (Nasdaq:FRSIX), (Nasdaq:FSMRX)
Franklin Strategic Income Fund (Nasdaq:FRSTX), (Nasdaq:FKSAX), (Nasdaq:FKSBX), (Nasdaq:FSGCX), (Nasdaq:FKSRX)
Franklin Strategic Mortgage Portfolio (Nasdaq:FSMIX)
Franklin Tax-Exempt Money Fund (Nasdaq:FTMXX)
Franklin Technology Fund (Nasdaq:FTCAX), (Nasdaq:FRTCX), (Nasdaq:FFTCX), (Nasdaq:FTERX)
Franklin Templeton Conservative Target Fund (Nasdaq:FTCIX), (Nasdaq:FTCCX), (Nasdaq:FTCRX)
Franklin Templeton CoreFolio Allocation Fund (Nasdaq:FTCOX)
Franklin Templeton Founding Funds Allocation Fund (Nasdaq:FFALX), (Nasdaq:FFABX), (Nasdaq:FFACX)
Franklin Templeton Growth Target Fund (Nasdaq:FGTIX), (Nasdaq:FTGTX), (Nasdaq:FGTRX)
Franklin Templeton Hard Currency Fund (Nasdaq:ICPHX)
Franklin Templeton Moderate Target Fund (Nasdaq:FMTIX), (Nasdaq:FTMTX), (Nasdaq:FTMRX)
Franklin Templeton Money Fund (Nasdaq:FMBXX), (Nasdaq:FRIXX), (Nasdaq:FMRXX)
Franklin Tennessee Municipal Bond Fund (Nasdaq:FRTIX)
Franklin Texas Tax-Free Income Fund (Nasdaq:FTXTX), (Nasdaq:FTXIX)
Franklin Total Return Fund (Nasdaq:FKBAX), (Nasdaq:FBDAX), (Nasdaq:FBTLX), (Nasdaq:FCTLX), (Nasdaq:FTRRX)
Franklin U.S. Government Securities Fund (Nasdaq:FKUSX), (Nasdaq:FUSAX), (Nasdaq:FUGBX), (Nasdaq:FRUGX), (Nasdaq:FUSRX)
Franklin U.S. Long-Short Fund (Nasdaq:FUSLX)
Franklin Utilities Fund (Nasdaq:FKUTX), (Nasdaq:FRUAX), (Nasdaq:FRUBX), (Nasdaq:FRUSX), (Nasdaq:FRURX)
Franklin Virginia Tax-Free Income Fund (Nasdaq:FRVAX), (Nasdaq:FVAIX)
Templeton China World Fund (Nasdaq:TCWAX), (Nasdaq:TACWX)
Templeton Developing Markets Trust (Nasdaq:TEDMX), (Nasdaq:TDADX), (Nasdaq:TDMBX), (Nasdaq:TDMTX), (Nasdaq:TDMRX)
Templeton Foreign Fund (Nasdaq:TEMFX), (Nasdaq:TFFAX), (Nasdaq:TFRBX), (Nasdaq:TEFTX), (Nasdaq:TEFRX)
Templeton Foreign Smaller Companies Fund (Nasdaq:FINEX), (Nasdaq:FTFAX), (Nasdaq:FCFSX)
Templeton Global Bond Fund (Nasdaq:TPINX), (Nasdaq:TGBAX), (Nasdaq:TEGBX)
Templeton Global Long-Short Fund (Nasdaq:TLSAX), (Nasdaq:TLSBX)
Templeton Global Opportunities Trust (Nasdaq:TEGOX), (Nasdaq:TEGPX)
Templeton Global Smaller Companies Fund), (Nasdaq: Inc. (Nasdaq: TEMGX), (Nasdaq: TGSAX. TESGX)
Templeton Growth Fund), (Nasdaq: Inc. (Nasdaq:TEPLX), (Nasdaq:TGADX), (Nasdaq:TMGBX), (Nasdaq:TEGTX), (Nasdaq:TEGRX)
Templeton International (Ex EM) Fund (Nasdaq:TEGEX), (Nasdaq:TGEFX)
Templeton Latin America Fund (Nasdaq:TELAX), (Nasdaq:TLAAX), (Nasdaq:TLAIX)
Templeton Pacific Growth Fund (Nasdaq:FKPGX), (Nasdaq:FPGCX)
Templeton World Fund (Nasdaq:TEMWX), (Nasdaq:TWDBX), (Nasdaq:TEWTX)
Mutual Beacon Fund (Nasdaq:TEBIX), (Nasdaq:TEBBX), (Nasdaq:TEMEX), (Nasdaq:BEGRX)
Mutual Discovery Fund (Nasdaq:TEDIX), (Nasdaq:TEDBX), (Nasdaq:TEDSX), (Nasdaq:TEDRX), (Nasdaq:MDISX)
Mutual European Fund (Nasdaq:TEMIX), (Nasdaq:TEUBX), (Nasdaq:TEURX), (Nasdaq:MEURX)
Mutual Financial Services Fund (Nasdaq:TFSIX), (Nasdaq:TBFSX), (Nasdaq:TMFSX), (Nasdaq:TEFAX)
Mutual Qualified Fund (Nasdaq:TEQIX), (Nasdaq:TEBQX), (Nasdaq:TEMQX), (Nasdaq:MQIFX)
Mutual Recovery Fund (Nasdaq:FMRVX)
Mutual Shares Fund (Nasdaq:TESIX), (Nasdaq:FMUBX), (Nasdaq:TEMTX), (Nasdaq:TESRX), (Nasdaq:MUTHX)
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 Franklin 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 Franklin 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.