Chimicles & Tikellis LLP is one of three firms appointed Lead Fund Derivative Counsel in the In re Mutual Funds Investment Litigation, MDL 1586, pending in the United States District Court for the District of Maryland before Judge J. Frederick Motz, Judge Catherine C. Blake, and Judge Andre Davis. The coordinated actions allege claims based on the “market timing” and “late trading” scandal which broke in late September 2003 and caused shock waves throughout the $10 trillion mutual fund industry. The MDL involves sixteen mutual fund families and hundreds of parties.
Following a hearing on May 3, 2004, the United States District Court for the District of Maryland appointed Chimicles & Tikellis as Lead Fund Derivative Counsel for Fund Derivative claims in the Janus, Pilgrim Baxter, One Group, Franklin Templeton, Excelsior, and Strong fund families. Chimicles & Tikellis also works closely with Lead Fund Derivative Counsel in the other ten fund families involved in MDL 1586.
On August 25, 2005, the Court upheld Fund Derivative Plaintiffs’ claims under Section 36(b) of the Investment Company Act in the Janus subtrack and that holding was subsequently adopted in the other fund families in MDL 1586. Chimicles is currently prosecuting those claims under Section 36(b) in the subtrack for which it is Lead Fund Derivative Counsel.
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