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Case Status:    DISMISSED    
On or around 11/27/2007 (Court's order of dismissal)

Filing Date: November 16, 2006

In February 2007, the case was transferred to the District of New Jersey for further proceedings. On September 25, 2007, the defendant filed a motion to dismiss the Class Action Complaint. On November 27, 2007, the Court entered the Order signed by U.S. District Judge William J. Martini granting the defendant’s motion to dismiss.

The original complaint alleges that Franklin Resources, Inc., Franklin Advisers, Inc. and Franklin/Templeton Distributors, Inc. ("Defendants") violated federal securities laws by paying kickbacks to broker/dealers who sold Franklin/Templeton Mutual Funds. The complaint asserts that Defendants made false and misleading statements in mutual fund prospectuses and other documents by concealing the existence of the kickback arrangement. According to the suit, Defendants illegally used investor assets to pay the kickbacks. The complaint asserts violations of the Securities Act of 1933, Securities Exchange Act of 1934, and other laws.

Some of the Defendants were previously sued by the California Attorney General who stated that "the payments are little more than kickbacks to buy preferential treatment. Investors deserve to know that."

COMPANY INFORMATION:

Sector: Financial
Industry: Other (Mutual Fund)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Undetermined
Market Status: Unknown

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. New Jersey
DOCKET #: 06-CV-07121
JUDGE: Hon. Susan Illston
DATE FILED: 11/16/2006
CLASS PERIOD START: 01/01/2000
CLASS PERIOD END: 11/17/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (Baltimore)
    The World Trade Center-Baltimore. 401 East Pratt Street, Suite 2525, Brower Piven (Baltimore), MD
    410.332.0030 410.685.1300 · info@browerpiven.com
  2. Gutride Safier LLP (San Francisco)
    835 Douglass Street, Gutride Safier LLP (San Francisco), CA 94114
    212.579.4625 212.253.4272 · info@gutridesafier.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 07-CV-00848
JUDGE: Hon. Susan Illston
DATE FILED: 02/21/2007
CLASS PERIOD START: 01/01/2000
CLASS PERIOD END: 11/17/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  2. Gutride Safier LLP (San Francisco)
    835 Douglass Street, Gutride Safier LLP (San Francisco), CA 94114
    212.579.4625 212.253.4272 · info@gutridesafier.com
No Document Title Filing Date
No Document Title Filing Date