MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, August 5, 2008 Evergreen is Slapped With a Bond Fund Suit New York law firm Abraham, Fruchter & Twersky, LLP has sued Evergreen Distributor Inc. and others over the now defunct Evergreen Ultra Short Opportunities Fund. The 16-paged complaint was filed Monday at the US District Court for the District Court for the District of Massachusetts on behalf of Albert Krantzberg and Irene Krantzberg. An Evergreen spokeswoman said the firm does not comment on pending litigation. The defendants included Evergreen Fixed Income Trust, Dennis Ferro, president and CEO of Evergreen Investments and principal executive officer of Evergreen Trust and Kasey Phillips, principal financial officer of Evergreen Trust. The suit also named Evergreen's parent, Wachovia Corp., as defendant. The suit alleges that the defendants solicited and sold shares based on "materially false and misleading statements" regarding the calculation of the fund's NAV. Last month, Chicago-based Stoltmann Law Offices filed an arbitration claim no behalf of two Wachovia Securities clients for losses in the fund. Also last month, Birmingham, Alabama law firm Burke, Harvey & Frankowski announced it has launched an investigation into losses in the fund. The Evergreen Ultra Short Opportunities Fund was liquidated on June 26. Printed from: MFWire.com/story.asp?s=18957 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |