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Case Status:    SETTLED
On or around 10/04/2012 (Date of order of distribution of settlement)

Filing Date: November 14, 2003

October 25, 2010, the Court entered Orders approving the settlements and separate Orders re attorneys’ fees and litigation expenses.

March 9, 2012, the Court entered the Order Approving Distribution Plan, which funds were distributed on April 12, 2012.

August 17, 2012, Order signed by The Hon. J. Frederick Motz which administratively closed the case.

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 April 2004, the case was transferred from the U.S.D.C. for the Eastern District of Pennsylvania to the U.S.D.C. for the District of Maryland. The case is being handled in Multidistrict Litigation, In Re Mutual Funds Investment Litigation, case number 04-MD-15862. On September 30, 2004, a Consolidated Amended Class Action Complaint was filed.

According to a press release dated November 14, 2003, the complaint charges 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 PBHG Mutual 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 PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including defendant Pilgrim's private investment limited partnership, to illegally engage in 'timing' of the PBHG Mutual 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 PBHG Mutual Funds' prospectuses.

The Funds, and the symbols for the respective Funds, are as follows:

PBHG Growth Fund (Nasdaq: PBHGX);
PBHG Emerging Growth Fund (Nasdaq: PBEGX);
PBHG Large Cap Growth Fund (Nasdaq: PBHLX);
PBHG Select Growth Fund (Nasdaq: PBHEX), formally known as PBHG Select Equity Fund (Nasdaq: PBHEX);
PBHG Focused Fund (Nasdaq: PBFVX), formally known as PBHG Focused Value Fund (Nasdaq: PBFVX);
PBHG Large Cap Fund (Nasdaq: PLCVX), formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX);
PBHG Large Cap 20 Fund (Nasdaq: PLCPX);
PBHG Strategic Small Company Fund (Nasdaq: PSSCX);
PBHG Disciplined Equity Fund (Nasdaq: PBDEX);
PBHG Mid-Cap Fund (Nasdaq: PBMCX), formally known as PBHG Mid-Cap Value Fund (Nasdaq: PBMCX);
PBHG Small Cap Fund (Nasdaq: PBSVX), formally known as PBHG Small Cap Value Fund (Nasdaq: PBSVX);
PBHG Clipper Focus Fund (Nasdaq: PBFOX);
PBHG Small Cap Value Fund (Nasdaq: PSMVX), formally known as TS&W Small Cap Value Fund, LLC (Nasdaq: PSMVX);
PBHG REIT Fund (Nasdaq: PBRTX);
PBHG Technology & Communications Fund (Nasdaq: PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX);
PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX);
PBHG Cash Reserves Fund (Nasdaq: PBCXX)

Note: PBHG family of funds (the 'Funds') is operated by the subsidiary of South African based financial services company, Old Mutual plc (LSE: OML), Old Mutual Asset Management and its member firm Pilgrim Baxter & Associates, Ltd. ('Pilgrim Baxter')


Sector: Financial
Industry: Investment Services
Headquarters: United States


Ticker Symbol: PBHG
Company Market: ETF
Market Status: Public (Listed)

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: E.D. Pennsylvania
DOCKET #: 03-CV-06255
JUDGE: Hon. Cynthia M. Rufe
DATE FILED: 11/14/2003
CLASS PERIOD END: 11/13/2003
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
  3. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
  4. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
  5. Law Offices of Charles J. Piven, P.A.
  6. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
  7. Schiffrin & Barroway LLP
  8. Spector Roseman & Kodroff (San Diego)
  9. Stull, Stull & Brody (New York)
  10. The Emerson Firm
  11. Wolf Popper, LLP
No Document Title Filing Date
COURT: D. Maryland
JUDGE: Hon. Cynthia M. Rufe
DATE FILED: 09/30/2004
CLASS PERIOD END: 11/13/2003
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
  2. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
  3. Tydings & Rosenberg LLP
No Document Title Filing Date
No Document Title Filing Date