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, May 12, 2009 A Janus Market-Timing Suit Reopens While a Second PM Departure Trial Looms One of the fights over Janus' alleged market timing just reopened, and a second compensation lawsuit trial is "still pending." On Monday the Denver-based fund firm, which on Friday lost a suit filed by former portfolio manager Edward Keeley, revealed, via its 10-Q, the status of other Janus-related legal action, including Wiggins v. Janus and Malley v. Janus. In Wiggins, Kirby McInerney filed a securities fraud class action on behalf of Janus common stockholders over losses Janus' stock suffered thanks to the market timing scandal. Janus and Kirby both revealed that, on Thursday, the United States Court of Appeals for the Fourth Circuit overturned an earlier dismissal of the case, giving new life to Kirby's suit by remanding it "back to the U.S. District Court (in Maryland) for further proceedings." On the portfolio manager departures side, Janus confirmed that the trial date for Malley's suit, set first for December 2008 and then April 2009, has now been pushed back again, with no new scheduled trial date as of yet. As for the similar case filed by Keeley, Janus revealed that, in addition to the previously reported $4.8 million judgment awarded by the jury (see MFWire, 5/11/2009), the fund firm also owes its ex-manager about $2.7 million to cover other costs, including interest and attorneys' fees. But it's not over yet. "JCG [Janus Capital Group] is evaluating all of its options, including the possibility of an appeal," the 10-Q reads. Printed from: MFWire.com/story.asp?s=21529 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |