Why didn't you buy us cheaper funds? That's the demand implicit in a class action suit being launched against Bank of America. Filed on behalf of fiduciary account beneficiaries not happy with their holdings in the Nations Funds (before and after they were renamed Columbia Funds), the suit was announced by Greenfield & Goodman, the law firm representing the plaintiffs, in a press release Tuesday.

BoA should not have invested client assets in Nations Funds, the Compliant submits, when funds like Vanguard's and Fidelity's cost less and were well run. It also charges that the Nations Funds and Columbia Funds prospectuses handed out by BoA failed to spell out certain facts, including the expenses passed on to fiduciary account holders, and the "conflicts of interest" involved in the bank's investment choices.

The Complaint -- Kutten v. Bank of America, N.A., Case No: 4-06:cv-937 -- was filed in federal court in St. Louis by six beneficiaries, and the Class is being opened to all holders of fiduciary accounts that were invested in Nations Funds or Columbia Funds from September 8, 1998 to the present.  

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