On October 25, 2010, the Final Judgment and Order was signed per stipulation dated April 21, 2010.
On April 21, 2010 the Settlement was entered.
On June 9, 2009, the Proposed Stipulation and Settlement was filed.
According to the latest docket dated December 12, 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.
According to the docket dated April 12, 2004, the court issued a conditional transfer order to transfer the case to the United States District Court of Maryland, Baltimore.
The original Complaint charges Defendants with violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and for common law breach of fiduciary duties.
The Complaint alleges that during the Class Period Charles Schwab and U.S. Trust Corporation allowed the Doe defendants and others to engage in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Excelsior Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in 'timing' of the Excelsior 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 Excelsior Mutual Funds' prospectuses.
The Funds, and the symbols for the respective Funds named below, are as follows:
Excelsior California Tax Exempt Income Fund (Nasdaq:UMCAX)
Excelsior Early Life Cycle Fund (Nasdaq:UMLCX)
Excelsior Funds Equity Income Fund (Nasdaq:UMEIX)
Excelsior Funds Inc. Biotechnology Fund (Nasdaq:UMBTX)
Excelsior Funds Inc. Blended Equity Fund (Nasdaq:UMEQX)
Excelsior Funds Inc. Emerging Markets Fund (Nasdaq:UMEMX)
Excelsior Funds Inc. Energy & Natural Resource Fund (Nasdaq:UMESX)
Excelsior Funds Inc. High Yield Fund (Nasdaq:EXHYX; Nasdaq:UMHYX)
Excelsior Funds Inc. Large Capital Growth Fund (Nasdaq:UMLGX)
Excelsior Funds Inc. Real Estate Fund (Nasdaq:UMREX)
Excelsior Funds Inc. Value & Restructuring Fund (Nasdaq:EXBIX; Nasdaq:UMBIX)
Excelsior Funds Mid Cap Value Shares Fund (Nasdaq:EXVAX; Nasdaq:UMVEX)
Excelsior Government Money Fund (Nasdaq:UTGXX)
Excelsior Institutional Equity Fund (Nasdaq:EXEQX)
Excelsior Institutional Funds International Equity Fund (Nasdaq:EXIIX)
Excelsior Institutional Money Fund (Nasdaq:EXINX; Nasdaq:EXIXX)
Excelsior Institutional Total Return Fund (Nasdaq:EXTBX)
Excelsior Intermediate-Term Managed Income Fund (Nasdaq:UIMIX)
Excelsior Intermediate-Term Tax-Exempt Fund (Nasdaq:UMITX)
Excelsior International Fund (Nasdaq:UMINX)
Excelsior Long Term Tax Exempt Fund (Nasdaq:UMLTX)
Excelsior Managed Income Fund (Nasdaq:UMMGX)
Excelsior Money Fund (Nasdaq:UTMXX)
Excelsior Optimum Growth Fund (Nasdaq:EXOAX; Nasdaq:UMGRX)
Excelsior Pacific/Asia Fund (Nasdaq:USPAX)
Excelsior Pan European Fund (Nasdaq:UMPNX)
Excelsior Short Term Government Securities Fund (Nasdaq:UMGVX)
Excelsior Short-Term Tax-Exempt Securities Fund (Nasdaq:USSSX)
Excelsior Tax Exempt Fund (Nasdaq:USSXX)
Excelsior Tax Exempt Funds Inc. New York Intermediate Term Tax Exempt Fund (Nasdaq:UMNYX; Nasdaq:UTNXX)
Excelsior Treasury Money Fund (Nasdaq:UTTXX)