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Case Status:    SETTLED
On or around 10/25/2010 (Date of order of final judgment)

Filing Date: September 05, 2003

By the Final Order and Judgment signed on October 25, 2012 by The Hon. J. Frederick Motz, Bank of America placed $375 million into the “Bank of America Fair Fund”. This case was dismissed in its entirety as stated in the Amended Stipulation and Proposed Order.

According to the latest docket dated November 5, 2007, discovery has been proceeding in the multi-district mutual funds litigation. Simultaneously, some of the defendants have been involved in settlement discussions with the plaintiffs. This settlement process has been impacted by parallel regulatory proceedings occurring at the Securities and Exchange Commission (“SEC”). Nevertheless, the court has been advised that several settlements have been agreed upon in principle. Additionally, numerous individuals and firms have been voluntarily dismissed by plaintiffs throughout 2005 and 2006. On June 11, 2007, the over-seeing judges issued a scheduling order calling for completion of discovery by March 28, 2008.

Additionally, oral arguments concerning numerous pending motions for dismissal were held on October 5, 2007. Those motions were ordered denied on October 19, 2007.

Numerous motions to dismiss various complaints were filed on February 25 and March 7, 2005.

In March 2004, by the Order from the Judicial Panel on Multidistrict Litigation, the case was transferred from the U.S. District Court for the Central District of California to the U.S. District Court for the District of Maryland. The case is now being handled under In re: Mutual Funds Litigation, case number 04-md-15862.

The Complaint charges that Bank of America and its affiliates violated federal securities laws by not disclosing that certain large investors were being allowed to (1) trade after the close of trading without being subject to the 'forward pricing' rule (applying the following day's price) and (2) engage in short-term 'in and out' trading in the funds.

Specifically, the Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary, to engage in 'late trading' and 'timing' of the Funds' securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under SEC regulations. Late trading allows favored investors to make use of market- moving information that only becomes available after 4 P.M and has been compared to betting on a horse race that already has been run. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Late trading and timing injure ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the Funds. In return for receiving extra fees from Canary and other favored investors, Bank of America and its subsidiaries allowed and facilitated Canary's timing and late trading activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and represented that post-4 P.M. EST trades will be priced based on the next day's net asset value and that premature redemptions will be assessed a charge.

The complaint alleges that these types of advantageous trading damage investors who are subject to tighter restrictions. In general, the Complaint charges that the defendants misrepresented in the Nations Funds' registration statements and prospectuses that the funds would not permit such practices.

Several putative stockholder class action lawsuits were filed in United States District Court, Central District of California on behalf of purchasers of Nations Funds family of funds owned and operated by Bank of America Corp. The Funds, and the symbols for the respective Funds are named as follows:

Nations Capital Growth Fund (Sym: NCGIX, NCGNX, NCAGX, NCGRX)
Nations Marisco 21st Century Fund (Sym: NMTAX, NMTBX, NMYCX, NMYAX)
Nations Marsico Focused Equities Fund (Sym: NFEAX, NFEBX, NFECX, NFEPX)
Nations Marsico Growth Fund (Sym: NMGIX, NGIBX, NMICX, NGIPX)
Nations MidCap Growth Fund (Sym: NEGAX, NEGNX, NEMGX, NEGRX)
Nations Small Company Fund (Sym: NSCGX, NCPBX, NCPCX, PSCPX)
Nations Strategic Growth Fund (Sym: NSGAX, NSIBX, NSGCX NSEPX)
Nations Asset Allocation Fund (Sym: PHAAX, NBASX, NAACX, NPRAX)
Nations MidCap Value Fund (Sym: NAMAX)
Nations SmallCap Value Fund (Sym: NSVAX)
Nations Value Fund (Sym: NVLEX, NVLNX, NVALX, NVLUX)
Nations Global Value Fund (Sym: NVVAX, NGLBX, NCGLX, NVPAX)
Nations International Equity Fund (Sym: NIIAX, NIENX, NITRX, NIEQX)
Nations International Value Fund (Sym: NIVLX, NBIVX, NVICX, EMIEX)
Nations Marsico International Opportunities Fund (Sym: MAIOX, MBIOX, MCIOX, NMOAX)
Nations LargeCap Enhanced Core Fund (Sym: NMIAX, NMIMX)
Nations LargeCap Index Fund (Sym: NEIAX, NINDX)
Nations MidCap Index Fund (Sym: NTIAX, NMPAX)
Nations SmallCap Index Fund (Sym: NMSAX, NMSCX)
Nations LifeGoal(R)
Balanced Growth Portfolio (Sym: NBIAX, NLBBX, NBICX, NBGPX)
Nations LifeGoal(R)
Growth Portfolio (Sym: NLGIX, NLGBX, NLGCX, NGPAX)
Nations LifeGoal(R)
Income and Growth Portfolio (Sym: NLGAX, NLIBX, NIICX, NIPAX)
Nations Bond Fund (Sym: NSFAX, NSFNX, NSFCX, NSFIX)
Nations Government Securities Fund (Sym: NGVAX, NGVTX, NGVSX, NGOVX)
Nations High Yield Bond Fund (Sym: NAHAX, NHYBX, NYICX, NYPAX)
Nations Intermediate Bond Fund (Sym: PHBAX, NTBBX, NTBCX, NATAX)
Nations Short-Intermediate Government Fund (Sym: NSIGX, NSINX, NSIFX, NSIMX)
Nations Short-Term Income Fund (Sym: NSTRX, NSTIX, NSTMX)
Nations Strategic Income Fund (Sym: NDIAX, NDVIX, NDVSX, NDIVX)
Nations Convertible Securities Fund (Sym: PACIX, NCVBX, PHIKX, NCIAX)
Nations CA Intermediate Municipal Bond Fund (Sym: NACMX, NCMAX)
Nations CA Municipal Bond Fund (Sym: PHCTX, NCMBX, NCBCX, NCPAX)
Nations FL Intermediate Municipal Bond Fund (Sym: NFIMX, NFITX, NFINX, NFLBX)
Nations FL Municipal Bond Fund (Sym: NFDAX, NFMNX, NFMBX, NFLMX)
Nations GA Intermediate Municipal Bond Fund (Sym: NGMIX, NGITX, NGINX, NGAMX)
Nations Intermediate Municipal Bond Fund (Sym: NITMX, NIMMX, NIMNX, NINMX)
Nations Kansas Municipal Income Fund (Sym: NKIAX, NKIBX, NKICX, NKSAX)
Nations MD Intermediate Municipal Bond Fund (Sym: NMDMX, NMITX, NMINX, NMDBX)
Nations Municipal Income Fund, (Sym: NMUIX, NMNNX, NMNIX, NNUNX)
Nations NC Intermediate Municipal Bond Fund (Sym: NNCIX, NNITX, NNINX, NNIBX)
Nations SC Intermediate Municipal Bond Fund (Sym: NSCIX, NISCX, NSICX, NSCMX)
Nations Short-Term Municipal Income Fund (Sym: NSMMX, NSMUX, NSMIX)
Nations TN Intermediate Municipal Bond Fund (Sym: NTIMX, NTNNX, NTINX, NTNIX)
Nations TX Intermediate Municipal Bond Fund (Sym: NTITX, NTXTX, NTXCX, NTXIX)
Nations VA Intermediate Municipal Bond Fund (Sym: NVAFX, NVANX, NVRCX, NVABX)
Nations CA Tax-Exempt Reserves (Sym: NATXX)
Nations Cash Reserves (Sym: NPRXX, NIBXX, NRSXX)
Nations Government Reserves (Sym: NGAXX, NGOXX)
Nations Money Market Reserves (Sym: NRBXX, NRTXX)
Nations Municipal Reserves (Sym: NMSXX)
Nations Tax-Exempt Reserves (Sym: NTEXX, NTXXX)
Nations Treasury Reserves (Sym: NTSXX, NTTXX)

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NCGIX
Company Market:
Market Status:

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maryland
DOCKET #: 03-CV-06330
JUDGE: Hon. Terry J. Hatter
DATE FILED: 09/05/2003
CLASS PERIOD START: 05/03/2001
CLASS PERIOD END: 07/03/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  3. Law Offices of Brian M. Felgoise, P.C.
    Esquire at 261 Old York Road, Suite 423, Law Offices of Brian M. Felgoise, P.C., PA 19046
    215.886.1900 · securitiesfraud@comcast.net
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  5. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  6. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  9. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #:
JUDGE: Hon. Terry J. Hatter
DATE FILED: 09/29/2004
CLASS PERIOD START: 05/03/2001
CLASS PERIOD END: 07/03/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Barry
    1801 Avenue of the Stars, Suite 307 , Brian Barry, CA 90067
    310.788.0831 310.788.0841 · bribarry1@yahoo.com
  2. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  3. Lieff, Cabraser, Heimann & Bernstein LLP
    Embarcadero Center West 275 Battery Street, Suite 3000, Lieff, Cabraser, Heimann & Bernstein LLP, CA 94111-3339
    415.956.1000 415.956.1008 ·
  4. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  5. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  6. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date