If you purchased and/or held shares in the following Franklin Templeton Mutual Funds: Templeton Foreign Fund; Templeton Developing Markets Trust; Templeton Global Smaller Companies Fund; Templeton Global Opportunities Trust; Franklin California Growth Fund (effective 9/1/02, name changed to Franklin Flex Cap Growth Fund); Templeton Greater European Fund (effective 8/1/99, name changed to Templeton International Fund; effective 8/1/01, name changed to Templeton International (Ex EM) Fund; and effective 4/25/07, merged into Templeton Foreign Fund); Franklin Small Cap Growth Fund (effective 9/1/01, name changed to Franklin Small-Mid Cap Growth Fund); Templeton World Fund; Templeton Growth Fund, Inc.; Franklin California Tax-Free Income Fund; Franklin Federal Tax-Free Income Fund; or Templeton Pacific Growth Fund (effective 5/8/03, merged into Templeton Foreign Fund), at any time during the period from February 6, 1999 through February 4, 2004, inclusive (the “Class Period”), you may be entitled to receive a payment from the proceeds of a class action settlement.
A class action settlement has been reached in a class action lawsuit against Franklin Resources, Inc., certain of its affiliates, and certain non-Franklin-related entities (styled In re Alliance, Franklin/Templeton, Bank of America/Nations Funds, and Pilgrim Baxter, Civil No. 04-md-15862. alleging, among other things, market-timing (i.e., an investment technique involving short-term, “in and out” trading of mutual fund shares, designed to benefit from alleged inefficiencies in the way mutual fund companies price their shares) and/or late trading in the Funds (i.e., an investment practice whereby investors are permitted to place orders to buy, sell or exchange mutual fund shares using the day’s net asset value (“NAV”) after the 4:00 p.m. eastern time cut-off, capitalizing on post- 4:00 p.m. information) purportedly in violation of the federal securities laws, according to the Franklin Templeton Mutual Fund market timing and late trading class action settlement notice.
The Franklin Templeton Mutual Fund market timing and late trading settlement Class reportedly includes: every person (meaning a natural person or any legal entity, including, without limitation, individuals, corporations, employee pension or other benefit or ERISA plans, and trusts) who, during the Class Period of February 6, 1999 through February 4, 2004, inclusive, purchased, owned or held shares in any of the following mutual funds in the Franklin Funds: Templeton Foreign Fund; Templeton Developing Markets Trust; Templeton Global Smaller Companies Fund; Templeton Global Opportunities Trust; Franklin California Growth Fund (effective 9/1/02, name changed to Franklin Flex Cap Growth Fund); Templeton Greater European Fund (effective 8/1/99, name changed to Templeton International Fund; effective 8/1/01, name changed to Templeton International (Ex EM) Fund; and effective 4/25/07, merged into Templeton Foreign Fund); Franklin Small Cap Growth (effective 9/1/01, name changed to Franklin Small-Mid Cap Growth Fund); Templeton World Fund; Templeton Growth Fund, Inc.; Franklin California Tax-Free Income Fund; Franklin Federal Tax-Free Income Fund; or Templeton Pacific Growth Fund (effective 5/8/03, merged into Templeton Foreign Fund) (the “Class Funds”), except those persons and entities that are otherwise exclude.
The Franklin Templeton Mutual Fund market timing and late trading settlements collectively provide for payment of $4,437,368 in cash (the “Settlement Fund”). The Settlement Fund is comprised of (i) $4,074,000 in cash paid on behalf of Bear Stearns & Co. Inc. and certain of its affiliates and successor entities (“Bear Stearns”); (ii) $185,783 in cash, plus $37,700 contributed toward the costs of notice and administration of the Settlement Fund, paid on behalf of Banc of America Securities LLC (“BAS”); (iii) $45,000 paid on behalf of Canary Capital Partners, LLC and certain affiliated entities and Edward Stern (collectively, “Canary”), and (iv) $94,885 paid on behalf of Security Brokerage, Inc., DCIP, L.P., RCIP, L.P., the Security Brokerage, Inc. Profit Sharing Trust, now known as the Calugar Corporation Profit Sharing Trust, and any successors to, and Daniel G. Calugar (“Calugar”).
The Court will reportedly hold a class action settlement fairness hearing at 3:30 p.m., on October 25, 2011, at the United States District Court for the District of Maryland, 101 W. Lombard Street, Baltimore, MD 21201, Courtroom (the “Settlement Hearing”) to consider whether the Franklin Templeton Mutual Fund Settlements, the Stipulation, and the Plan of Allocation are fair, reasonable, and adequate.
For more information on the Franklin Templeton Mutual Fund market timing and late trading securities class action lawsuit settlement, including proof of claim information, visit the Franklin Templeton Mutual Fund Settlement Website:
www.mutualfundsettlements.com/Franklin/
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is it over