Per the latest docket dated August 17, 2012, the Administrative Order closing the case was signed by Judge J. Frederick Motz and entered by the clerk on August 20, 2012.
On October 25, 2010 Judge Catherine C. Blake signed the Order and Final Judgment in Associated Cases: 1:04-md-15861-CCB, 1:04-cv-00928-JFM, 1:04-cv-00933-JFM, as well as the order and Final judgment as to the Cross-Track Defendants. They were entered by the Deputy Clerk on October 26, 2010.
On April 21, 2010 the stipulation and order was entered which would include interest through June 30, 2009.
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.
More than 400 similar lawsuits against at least 19 different mutual fund companies have been filed in federal district courts throughout the country. Because these cases involve common questions of fact, the Judicial Panel on Multidistrict Litigation (the “Judicial Panel”) ordered the creation of a multidistrict litigation in the United States District Court for the District of Maryland, entitled “In re Mutual Funds Investment Litigation” (the “MDL”). The Judicial Panel then transferred similar cases from different districts to the MDL for coordinated or consolidated pretrial proceedings. Plaintiffs in the MDL filed consolidated amended complaints on September 29, 2004. On February 25, 2005, defendants filed motions to dismiss. The Company’s and its subsidiaries’ motions are currently under submission with the court.
According to a press release dated October 24, 2003, the complaint charges Federated Investors, Inc., Federated Investment Management Co., Federated Securities Corporation, Federated Investors Funds, the Federated Funds, and the Doe Defendants with violations of the Securities Act of 1933 (the 'Securities Act'), the Securities Exchange Act of 1934 (the 'Exchange Act'), the Investment Company Act of 1940 (the 'Investment Company Act'), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Federated Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Federated Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in 'timing' of the Federated Funds whereby these favored investors were permitted to conduct short-term, 'in and out' trading of mutual fund shares, despite explicit restrictions on such activity in the Federated Funds' prospectuses.
The Complaint further alleges that the defendants permitted certain favored investors to illegally receive the prior day's price for orders placed after 4 p.m. This allowed the Doe Defendants and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not.
The Funds, and the symbols for the respective Funds are named as follows:
Federated Adjustable Rate Securities Fund (Sym: FEUGX, FASSX)
Federated American Leaders Fund, Inc. (Sym: FALDX, FALBX, FALCX, FALFX)
Federated Bond Fund (Sym: FDBAX, FDBBX, FDBCX, ISHIX)
Federated California Municipal Income Fund (Sym: FCMIX, CMUIX)
Federated Capital Appreciation Fund (Sym: FEDEX, CPABX, CPACX, CPAKX)
Federated Capital Income Fund (Sym: CAPAX, CAPBX, CAPCX, CAPFX)
Federated Capital Preservation Fund Federated Communications Technology Fund (Sym: FCTAX, FCTEX, FCTYX)
Federated Conservative Allocation Fund (Sym: FMCGX, FCGSX)
Federated Equity Income Fund, Inc. (Sym: LEIFX, LEIBX, LEICX, LFEIX)
Federated European Equity Fund (Sym: EURAX, EURBA, EURCX)
Federated Fund for U.S. Government Securities (Sym: FUSGX, FUSBX, FUSCX)
Federated GNMA Trust (Sym: FGMAX, FGSSX)
Federated Global Equity Fund (Sym: FGEIX, FGEFX, FGEDX)
Federated Global Value Fund (Sym: WUFAX, WUFBX,WUFCX)
Federated Government Income Securities, Inc. (Sym: FGOAX, FGOBX, FGOCX, FGOIX)
Federated Government Ultrashort Duration Fund (Sym: FGUAX, FGUSX, FEUSX)
Federated Growth Allocation Fund (Sym: FMGPX, FMGSX)
Federated Growth Strategies Fund (Sym: FGSAX, FGSBX, FGSCX)
Federated High Income Bond Fund, Inc. (Sym: FHIIX, FHBBX, FHICX)
Federated High Yield Trust, Federated Income Trust (Sym: FHYTX)
Federated Income Trust (Sym: FICMX, FITSX)
Federated Institutional High Yield Bond Fund (Sym: FIHBX)
Federated Intermediate Income Fund (Sym: FIIFX, INISX)
Federated Intermediate Municipal Trust (Sym: FIMTX, FIMYX)
Federated International Bond Fund (Sym: FTIIX, FTBBX, FTIBX)
Federated International Capital Appreciation Fund (Sym: IGFAX, IGFBX, IGFCX)
Federated International Equity Fund (Sym: FTITX, FIEBX, FIECX)
Federated International High Income Fund (Sym: IHIAX, IHIBX, IHICX)
Federated International Small Company Fund (Sym: ISCAX, ISCBX, ISCCX)
Federated International Value Fund (Sym: FGFAX, FGFBX, FGFCX)
Federated Kaufmann Fund (Sym: KAUAX, KAUBX, KAUCX, KAUFX)
Federated Kaufmann Small Cap Fund (Sym: FKASX, FKBSX, FKCSX)
Federated Large Cap Growth Fund (Sym: FLGAX, FLGBX, FLGCX)
Federated Limited Duration Fund (Sym: FTRLX, FTRDX)
Federated Limited Duration Government Fund, Inc. (Sym: FLDIX, FLDSX)
Federated Limited Term Fund (Sym: LTDFX, LTFSX)
Federated Limited Term Municipal Fund (Sym: LMINX, LMFSX)
Federated Managed Income Portfolio (Sym: FMIPX, FIPSX)
Federated Market Opportunity Fund (Sym: FMAAX, FMBBX, FMRCX)
Federated Max-Cap Index Fund (Sym: MXCCX, FISPX, FMXKX, FMXSX)
Federated Michigan Intermediate Municipal Trust (Sym: MMIFX)
Federated Mid-Cap Index Fund (Sym: FMDCX)
Federated Mini-Cap Index Fund (Sym: MNCCX, FMCPX)
Federated Moderate Allocation Fund (Sym: FMMGX, FMMSX)
Federated Mortgage Fund (Sym: FGFIX, FGFSX)
Federated Muni and Stock Advantage Fund (Sym:FMUAX, FMNBX, FMUCX)
Federated Municipal Opportunities Fund, Inc. (Sym: FMOAX, FMOBX, FMNCX, FHTFX)
Federated Municipal Securities Fund, Inc. (Sym: LMSFX, LMSBX, LMSCX)
Federated Municipal Ultrashort Fund (Sym: FMUUX, FMUSX)
Federated New York Municipal Income Fund (Sym: NYIFX, NYIBX)
Federated North Carolina Municipal Income Fund (Sym: NCIFX)
Federated Ohio Municipal Income Fund (Sym: OMIFX)
Federated Pennsylvania Municipal Income Fund (Sym: PAMFX, FPABX)
Federated Short-Term Income Fund (Sym: FSTIX, FSISX)
Federated Short-Term Municipal Trust (Sym: FSHIX, FSHSX)
Federated Stock Trust (Sym: FSTKX)
Federated Stock and Bond Fund, Inc. (Sym: FSTBX, FSBBX, FSBCX, FSBKX)
Federated Strategic Income Fund (Sym: STIAX, SINBX, SINCX, STFSX)
Federated Total Return Bond Fund (Sym: TLRAX, TLRBX, TLRCX, FTRBX, FTRKX, FTRFX)
Federated Total Return Government Bond Fund (Sym: FTRGX, FTGSX)
Federated U.S. Government Bond Fund (Sym: FEDBX)
Federated U.S. Government Securities Fund: 1-3 Years (Sym: FSGVX, FSGIX, FSGTX)
Federated U.S. Government Securities Fund: 2-5 Years (Sym: FIGTX, FIGKX, FIGIX)
Federated Ultrashort Bond Fund (Sym: FULAX, FULIX, FULBX)