Wolf Popper Files Securities Class Action For Improper Trading Practices At Bank One Mutual Funds -- ONE


NEW YORK, Sept. 10, 2003 (PRIMEZONE) -- Wolf Popper LLP has filed a class action securities lawsuit in the United States District Court for the Southern District of New York, Case No. 03-Civ-6970, charging improper trading practices at mutual fund companies including Bank One Corp. (NYSE:ONE). The Complaint is brought on behalf of persons who acquired, redeemed or owned mutual fund shares of Bank One Corp.'s ("Bank One") "One Group" mutual fund family, specifically its "Equity Funds", from September 9, 2000 through September 2, 2003 (the "Class Period"), against Bank One, and its subsidiary, Banc One Investment Advisors Corporation ("BOIA"), pursuant to the prospectus therefor. The Complaint charges violations of Section 11 of the Securities Act of 1933 for false and misleading statements and omissions in the prospectuses, and common law breach of fiduciary duty.

The Complaint alleges that during the Class Period, the above-named mutual fund companies engaged in illegal and/or improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the subject mutual funds, in return for substantial fees and other income for themselves and their affiliates. The complaint alleges that the schemes at Bank One, Janus, Bank of America, and Strong took two primary forms. First is the "late trading" of mutual fund shares by select customers of the fund (including hedge funds). Specifically, the complaint alleges that certain mutual fund investors of the above-named fund companies, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary"), improperly arranged with defendants that orders placed after 4 p.m. on a given day would illegally receive that day's price (as opposed to the next day's price, which the order would have received had it been processed lawfully). This allowed Canary 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 complaint further alleges that defendants engaged in wrongful conduct known as "timing." Timing is an investment technique involving short-term, "in and out" trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares. It is widely acknowledged that "timing" inures to the detriment of long-term shareholders. Nonetheless, in return for investments from certain hedge funds and other traders that would increase fund managers' fees, fund managers entered into undisclosed agreements to allow them to "time" their funds. Funds affected include at least the following: Bank One's One Group "Equity Funds" (which consist of the following funds: One Group Small Cap Growth Fund, Small Cap Value Fund (PGSGX), Mid Cap Growth Fund (OSGIX), Mid Cap Value Fund (OGDIX), Diversified Mid Cap Fund (PECAX), Large Cap Growth Fund (OLGAX), Large Cap Value Fund (OLVAX), Equity Income Fund (OIEIX), Diversified Equity Fund (PAVGX), Balanced Fund (OGASX), Equity Index Fund (OGEAX), Market Expansion Index Fund (OMEAX), Health Sciences Fund (OHSAX), Technology Fund (OGTAX), International Equity Index Fund (OEIAX), and Diversified International Fund (PGIEX)); the Janus Mercury Fund and the Janus High-Yield Fund; Bank of America's "Nations Funds"; and the Strong Growth 20 Fund, Strong Growth Fund, Advisor Mid Cap Growth Fund, Strong Large Cap Growth Fund, and Strong Dividend Income Fund.

Class members who desire to be appointed lead plaintiff in this action must file a motion with the court no later than November 4, 2003. If you bought, redeemed or owned shares of the funds noted above, are interested in serving as a lead plaintiff in this action, or would like to discuss this action, or if you have any questions concerning this Notice or your rights as a potential Class member, you may call or write:



 Wolf Popper LLP
 Michael A. Schwartz, Esq.
 Andrew E. Lencyk, Esq.
 Mark Marino
 845 Third Avenue, New York, NY 10022
 Tel.: 212.759.4600 or 877.370.7703 (toll free)
 Fax: 212.486.2093 or 877.370.7704 (toll free)
 Email: mschwartz@wolfpopper.com;
 alencyk@wolfpopper.com
 mmarino@wolfpopper.com
 irrep@wolfpopper.com
 website: www.wolfpopper.com

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca