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Case Status:    DISMISSED    
On or around 07/18/2012 (Notice of voluntarily dismissal)

Filing Date: August 10, 2004

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 August 25, 2004, a class action lawsuit was filed on August 24, 2004, in the United States District Court for the District of Maryland, on behalf of persons who purchased or otherwise acquired or hold shares of several Salomon Smith Barney mutual funds between January 1, 1999 and July 1, 2003, inclusive. The lawsuit was filed against certain Salomon Smith Barney entities, certain Canary Capital entities, and John Does 1-100. The Complaint alleges that Defendants violated Sections 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, Section 11 and Section 15 of the Securities Act of 1933, Sections 206 of the Investment Advisors Act, Sections 34(b), 36(a) and 48(a) of the Investment Company Act and several common law causes of action. Specifically, the Complaint charges Defendants with engaging in an unlawful and deceitful course of conduct designed to improperly financial advantage Defendants. The Defendants, in clear contravention of their fiduciary responsibilities, and disclosure obligations, failed to properly disclose that select favored customers were improperly allowed to 'time' their mutual fund trades. Such timing improperly allowed favored investors to trade in and out of a mutual fund to exploit short-term moves and inefficiencies in the manner in which mutual funds price their shares. Defendants' improper acts caused damage to the Funds themselves and persons who purchased shares of the funds during the Class Period.

The Complaint alleges that Defendants violated the federal securities laws and engaged in a course of business which operated as a fraud and deceit on members of the class, as defined above, in the following SSB Funds:
Salomon Brothers All Cap Value Fund (Sym: SUBAX, SUBBX, SUBZX)
Salomon Brothers Balanced Fund (Sym: STRAX, STRBX, STRCX)
Salomon Brothers California Tax Free Bond Fund (Sym: CCAIX, SCUBX, SCULX)
Salomon Brothers Capital Fund (Sym: SCCAX, SPABX, SACPX, SCCCX)
Salomon Brothers High Yield Bond (Sym: SAHYX, SBHYX, SHYOX, SHYCX)
Salomon Brothers International Equity Fund (Sym: SAIEX, SAIBX, SAICX)
Salomon Brothers Investors Value Fund (Sym: SINAX, SBINX, SAIFX, SINOX)
Salomon Brothers Large Cap Growth Fund (Sym: SLCAX, SALBX, SALCX)
Salomon Brothers Mid Cap Fund (Sym: SMDAX, SMDBX, SMDZX)
Salomon Brothers National Tax Free Bond Fund (Sym: CFNIX, SNABX, SNALX)
Salomon Brothers New York Tax Free Fund (Sym: CFTNX, SNFBX, SNFLX)
Salomon Brothers SB Adjustable Rate Income Fund (Sym: SJRAX, SJRBX, SJRZX)
Salomon Brothers SB Capital and Income Fund (Sym: SOLAX, SOLBX, SOLZX)
Salomon Brothers SB Convertible Fund (Sym: SVEAX, SVEBX, SCEZX)
Salomon Brothers SB Growth & Income Fund (Sym: SSWAX, SSWBX, SSWZX)
Salomon Brothers Short/Intermediate U.S. Government Fund (Sym: SUSAX, SUSBX, SUSCX)
Salomon Brothers Small Cap Growth (Sym: SASMX, SBSMX, SCSMX)
Salomon Brothers Strategic Bond Fund (Sym: SSTAX, SBSBX, SSTCX)
Smith Barney Aggressive Growth Fund (Sym: SHRAX, SAGBX, SAGCX)
Smith Barney All Cap Growth and Value Fund (Sym: SPAAX, SPBBX, SPBLX)
Smith Barney Appreciation Fund (Sym: SHAPX, SAPBX, SAPCX, SAPYX)
Smith Barney Arizona Municipals Fund (Sym: SLAZX, SAZBX, SAZLX)
Smith Barney Balance Portfolio (Sym: SBBAX, SCBBX, SCBCX)
Smith Barney California Municipals Fund (Sym: SHRCX, SCABX, SCACX)
Smith Barney Classic Values Fund (Sym: SCLAX, SCLBX, SCLLX)
Smith Barney Conservative Portfolio (Sym: SBCPX, SBCBX, SBCLX)
Smith Barney Diversified Large Cap Growth Fund (Sym: CFLGX, CLCBX, SMDLX)
Smith Barney Diversified Strategic Income Fund (Sym: SDSAX, SLDSX, SDSIX)
Smith Barney Dividend and Income Fund (Sym: SUTAX, SLSUX, SBBLX)
Smith Barney Financial Services Fund (Sym: SBFAX, SBFBX, SFSLX)
Smith Barney Florida Portfolio (Sym: SBFLX, FLABX, SFLLX)
Smith Barney Fundamental Value Fund (Sym: SHFVX, SFVBX, SFBCX)
Smith Barney Georgia Portfolio (Sym: SBGAX, SBRBX, SGALX)
Smith Barney Global All Cap Growth and Value Fund (Sym: SPGAX, SPGGX, SPGLX)
Smith Barney Global Government Bond Portfolio (Sym: SBGLCX, SBGBX, SGGLX)
Smith Barney Global Portfolio (Sym: CAGAX, CAGBX, SGPLX)
Smith Barney Government Securities Fund (Sym: SGVAX, HGVSX, SGSLX)
Smith Barney Group Spectrum Fund (Sym: SGSAX, SGSBX, SFTLX)
Smith Barney Growth Portfolio (Sym: SGCRX, SGRBX, SCGCX)
Smith Barney Hansberger Global Value Fund (Sym: SGLAX, SGLBX, SGLCX)
Smith Barney Health Sciences Fund (Sym: SBIAX, SBHBX, SBHLX)
Smith Barney High Growth Portfolio (Sym: SCHAX, SCHBX, SCHCX)
Smith Barney High Income Fund (Sym: SHIAX, SHIBX, SHICX)
Smith Barney Income Portfolio (Sym: SCAAX, SCIAX, SCILX)
Smith Barney Intermediate Maturity CA Municipals Fund (Sym: ITCAX, STDBX, SIMLX)
Smith Barney Intermediate Maturity NY Municipals Fund (Sym: IMNYX, SNMBX, SINLX)
Smith Barney International All Cap Growth Portfolio (Sym: SBIEX, SBIBX, SBICX)
Smith Barney International Large Cap Fund (Sym: CFIPX, SILCX, SILLX)
Smith Barney Investment Grade Bond Fund (Sym: SIGAX, HBDIX, SBILX)
Smith Barney Large Cap Core Fund (Sym: GROAX, GROBX, SCPLX)
Smith Barney Large Cap Growth and Value Fund (Sym: SPSAX, SPSBX, SPSLX)
Smith Barney Large Cap Value Fund (Sym: SBCIX, SBCCX, SBGCX)
Smith Barney Large Capitalization Growth Fund (Sym: SBLGX, SBLBX, SLCCX, SBLYX)
Smith Barney Limited term Portfolio (Sym: SBLTX, STMBX, SMLLX)
Smith Barney Managed Governments Fund (Sym: SHMGX, MGVBX, SMGLX)
Smith Barney Managed Municipals Fund (Sym: SHMMX, SMMBX, SMMCX)
Smith Barney Massachusetts Municipals Fund (Sym: SLMMX, SMABX, SMALX)
Smith Barney Mid Cap Core Fund (Sym: SBMAX, SBMDX, SBMLX, SMBYX)
Smith Barney Municipal High Income Fund (Sym: STXAX, SXMT, SMHLX)
Smith Barney National Portfolio (Sym: SBBNX, SBNBX, SBNLX)
Smith Barney New Jersey Municipals Fund (Sym: SHNJX, SNJBX, SNJLX)
Smith Barney New York Portfolio (Sym: SBNYX, SMNBX, SBYLX)
Smith Barney Oregon Municipals Fund (Sym: SHORX, SORBX, SORLX)
Smith Barney Pennsylvania Portfolio (Sym: SBPAX, SBPBX, SPALX)
Smith Barney S & P 500 Index Fund (Sym: SBSPX)
Smith Barney SB Adjustable Rate Income Fund (Sym: ARMZX, ARMBX, ARMGX)
Smith Barney SB Capital and Income Fund (Sym: SOPAX, SOPTX, SBPLX)
Smith Barney SB Convertible Fund (Sym: SCRAX, SCVSX, SMCLX, SCVYX)
Smith Barney SB Growth & Income Fund (Sym: GRIAX, BRIBX, SGAIX)
Smith Barney Short Duration Municipal Income Fund (Sym: SHDAX, SHDBX, SHDLX)
Smith Barney Short-Term Investment Grade Bond Fund (Sym: SBSTX, SHBBX, SSTLX)
Smith Barney Small Cap Core Fund (Sym: SBDSX, SBDBX, SBDLX)
Smith Barney Small Cap Growth Fund (Sym: SBSGX SBYBX, SBSLX)
Smith Barney Small Cap Growth Opportunities Fund (Sym: CFSGX, SMOBX, SGOLX)
Smith Barney Small Cap Value Fund (Sym: SBVAX, SBVBX, SBVLX)
Smith Barney Social Awareness Fund (Sym: SSIAX, SESIX, SESLX)
Smith Barney Technology Fund (Sym: SBTAX, SBTBX, SBQLX)
Smith Barney Total Return Bond Fund (Sym: TRBAX, TRBBX, SBTLX)
Smith Barney U.S. Government Securities Fund (Sym: SBCGX, SBUBX, SBULX)

Note: This matter is related to In re Mutual Fund Timing Litigation, MDL-1586, now pending in the United States District Court for the District of Maryland before the Honorable J. Frederick Motz, the Honorable Frederick P. Stamp, the Honorable Catherine C. Blake and the Honorable Andre Davis. In re Mutual Fund Timing Litigation is a consolidated and coordinated group of cases brought against eighteen separate mutual fund families, all involving allegations of 'late trading' and 'market timing' in the mutual fund industry.


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


Ticker Symbol: C
Company Market: New York SE
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: D. Maryland
DOCKET #: 04-CV-02618
JUDGE: Hon. J. Frederick Motz
DATE FILED: 08/10/2004
CLASS PERIOD END: 07/01/2003
  1. Goodkind Labaton Rudoff & Sucharow LLP
  2. Stull, Stull & Brody (New York)
  3. Tydings & Rosenberg LLP
No Document Title Filing Date
COURT: E.D. Michigan
JUDGE: Hon. J. Frederick Motz
DATE FILED: 09/30/2004
CLASS PERIOD END: 07/03/2003
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
  2. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
No Document Title Filing Date
—Related District Court Filings Data is not available