NEW YORK, Oct. 31, 2003 (PRIMEZONE) -- Kaplan Fox & Kilsheimer LLP (kaplanfox.com) filed a class action lawsuit in the Commonwealth of Massachusetts Superior Court against Putnam Investment Management Trust, Putnam Investment Management LLC, Marsh & McLennan Corp., Inc., Omid Kamshad, Justin Scott, and the following Putnam mutual funds:
International Voyager Fund n/k/a International Capital Opportunities Fund (NASDAQ: PNVAX, PVNBX, PUVCX, PIVMX); Europe Growth Fund n/k/a Europe Equity Fund (NASDAQ: PEUGX, PEUBX, PEUMX); International Growth Fund n/k/a International Equity Fund (NASDAQ: POVSX, POVBX, PIGCX, POVMX); and Global Equity Fund (NASDAQ: PEQUX, PEQBX, PUGCX, PEQMX).
The suit is brought on behalf of all holders, other than defendants, of the above listed Putnam mutual funds during the time period of January 3, 2000 through September 16, 2003, inclusive (the "Class Period"). The complaint alleges that Defendants breached their fiduciary duty to mutual fund investors by allowing certain select investors and Putnam's own fund managers to engage in "market timing" (or rapid in-and-out trading) of the above-listed mutual funds to the financial detriment of the majority of mutual fund investors. It is alleged that defendants engaged in this wrongful activity in exchange for substantial fees and other income for themselves and their affiliates.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has more than 30 years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.