Nations/Banc of America ("Nations")
Chimicles & Tikellis LLP announces that a derivative lawsuit has been filed on behalf of the Nations family of funds (the “Funds”), operated by Bank of America Corp., Banc of America Capital Management LLC, Nations Fund Trust, and their affiliates and subsidiaries, seeking to pursue remedies under common law and the Investment Advisers Act of 1940.
The Complaint alleges that defendants violated common law and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that certain of the defendants improperly allowed certain favored investors to engage in “timing” of the Funds’ securities. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.
The derivative complaint seeks damages for harm caused to the various mutual fund families, disgorgement of excessive management fees and profits, removal of fund directors, rescission of fund management contracts, and the payment of attorneys’ fees and expenses, as well as therapeutic or structural changes in the funds’ policies and review procedures, aimed at decreasing the risk of similar wrongdoing occurring in the future. It is our belief that a derivative action will maximize recovery to investors because the illegally gained profits will be returned to the Fund and inure to the benefit of the investors.
Please contact us if you are an investor in one of the following mutual fund families and would like to learn more about the cases and possibly become a named plaintiff in a derivate lawsuit filed on behalf of the mutual fund.
The Funds, and the symbols for the respective Funds named below, are as follows:
Nations Institutional Reserves Convertible Securities Fund (Nasdaq: PACIX, NCVBX, PHIKX, NCIAX)
Nations International Equity Fund (Nasdaq: NIIAX, NIENX, NITRX, NIEQX)
Nations Fund Inc. Small Company Fund (Nasdaq: PSCPX)
Nations Capital Growth Fund (Nasdaq: NCGIX, NCGNX, NCAGX, NCGRX)
Nations Marsico 21st Century Fund (Nasdaq: NMTAX, NMTBX, NMYCX, NMYAX)
Nations Marsico Focused Equities Fund (Nasdaq: NFEAX, NFEBX, NFECX, NFEPX)
Nations Marsico Growth Fund (Nasdaq: NMGIX, NGIBX, NMICX, NGIPX)
Nations MidCap Growth Fund (Nasdaq: NEGAX, NEGNX, NEMGX, NEGRX)
Nations Small Company Fund (Nasdaq: NSCGX, NCPBX, NCPCX, PSCPX)
Nations Strategic Growth Fund (Nasdaq: NSGAX, NSIBX, NSGCX NSEPX)
Nations Asset Allocation Fund (Nasdaq: PHAAX, NBASX, NAACX, NPRAX)
Nations MidCap Value Fund (Nasdaq: NAMAX)
Nations SmallCap Value Fund (Nasdaq: NSVAX)
Nations Value Fund (Nasdaq: NVLEX, NVLNX, NVALX, NVLUX)
Nations Global Value Fund (Nasdaq: NVVAX, NGLBX, NCGLX, NVPAX)
Nations International Value Fund (Nasdaq: NIVLX, NBIVX, NVICX, EMIEX)
Nations Marsico International Opportunities Fund (Nasdaq: MAIOX, MBIOX, MCIOX, NMOAX)
Nations LargeCap Enhanced Core Fund (Nasdaq: NMIAX, NMIMX)
Nations LargeCap Index Fund (Nasdaq: NEIAX, NINDX)
Nations MidCap Index Fund (Nasdaq: NTIAX, NMPAX)
Nations SmallCap Index Fund (Nasdaq: NMSAX, NMSCX)
Nations LifeGoal(R) Balanced Growth Portfolio (Nasdaq: NBIAX, NLBBX, NBICX, NBGPX)
Nations LifeGoal(R) Growth Portfolio (Nasdaq: NLGIX, NLGBX, NLGCX, NGPAX)
Nations LifeGoal(R) Income and Growth Portfolio (Nasdaq: NLGAX, NLIBX, NIICX, NIPAX)
Nations Bond Fund (Nasdaq: NSFAX, NSFNX, NSFCX, NSFIX)
Nations Government Securities Fund (Nasdaq: NGVAX, NGVTX, NGVSX, NGOVX)
Nations High Yield Bond Fund (Nasdaq: NAHAX, NHYBX, NYICX, NYPAX)
Nations Intermediate Bond Fund (Nasdaq: PHBAX, NTBBX, NTBCX, NATAX)
Nations Short-Intermediate Government Fund (Nasdaq: NSIGX, NSINX, NSIFX, NSIMX)
Nations Short-Term Income Fund (Nasdaq: NSTRX, NSTIX, NSTMX)
Nations Strategic Income Fund (Nasdaq: NDIAX, NDVIX, NDVSX, NDIVX)
Nations CA Intermediate Municipal Bond Fund (Nasdaq: NACMX, NCMAX)
Nations CA Municipal Bond Fund (Nasdaq: PHCTX, NCMBX, NCBCX, NCPAX)
Nations FL Intermediate Municipal Bond Fund (Nasdaq: NFIMX, NFITX, NFINX, NFLBX)
Nations FL Municipal Bond Fund (Nasdaq: NFDAX, NFMNX, NFMBX, NFLMX)
Nations GA Intermediate Municipal Bond Fund (Nasdaq: NGMIX, NGITX, NGINX, NGAMX)
Nations Intermediate Municipal Bond Fund (Nasdaq: NITMX, NIMMX, NIMNX, NINMX)
Nations Kansas Municipal Income Fund (Nasdaq: NKIAX, NKIBX, NKICX, NKSAX)
Nations MD Intermediate Municipal Bond Fund (Nasdaq: NMDMX, NMITX, NMINX, NMDBX)
Nations Municipal Income Fund, (Nasdaq: NMUIX, NMNNX, NMNIX)
Nations NC Intermediate Municipal Bond Fund (Nasdaq: NNCIX, NNITX, NNINX, NNIBX)
Nations SC Intermediate Municipal Bond Fund (Nasdaq: NSCIX, NISCX, NSICX, NSCMX)
Nations Short-Term Municipal Income Fund (Nasdaq: NSMMX, NSMUX, NSMIX)
Nations TN Intermediate Municipal Bond Fund (Nasdaq: NTIMX, NTNNX, NTINX, NTNIX)
Nations TX Intermediate Municipal Bond Fund (Nasdaq: NTITX, NTXTX, NTXCX, NTXIX)
Nations VA Intermediate Municipal Bond Fund (Nasdaq: NVAFX, NVANX, NVRCX, NVABX)
Nations CA Tax-Exempt Reserves (Nasdaq: NATXX)
Nations Cash Reserves (Nasdaq: NPRXX, NIBXX, NRSXX)
Nations Government Reserves (Nasdaq: NGAXX, NGOXX)
Nations Money Market Reserves (Nasdaq: NRBXX, NRTXX)
Nations Municipal Reserves (Nasdaq: NMSXX)
Nations Tax-Exempt Reserves (Nasdaq: NTEXX, NTXXX)
Nations Treasury Reserves (Nasdaq: NTSXX, NTTXX)