NEW YORK, Sept. 2, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Fidelity Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective Fidelity Funds named below, are as follows:
FUND NAME NASDAQ SYMBOL Aggressive Growth FDEGX Blue Chip Growth FBGRX Blue Chip Value FBCVX Capital Appreciation FDCAX Contrafund FCNTX Disciplined Equity FDEQX Discovery FDSVX Dividend Growth FDGFX EquityIncome FEQIX EquityIncome II FEQTX Export and Multinational FEXPX Fidelity FFIDX Fidelity Fifty FFTYX Focused Stock Fund FTQGX FourinOne Index Fund FFNOX Growth & Income FGRIX Growth & Income II FGRTX Growth Company FDGRX Independence FDFFX Large Cap Growth FSLGX Large Cap Stock FLCSX Large Cap Value FSLVX Leveraged Company Stock FLVCX LowPriced Stock FLPSX Magellan FMAGX Mid Cap Growth FSMGX Mid Cap Value FSMVX MidCap Stock FMCSX Nasdaq Composite Index Fund FNCMX New Millennium FMILX OTC Portfolio FOCPX Small Cap Growth FCPGX Small Cap Independence FDSCX Small Cap Retirement FSCRX Small Cap Stock FSLCX Small Cap Value FCPVX Spartan 500 Index Fund FSMKX Spartan Total Market Index FSTMX Spartan U.S. Equity Index FUSEX Stock Selector FDSSX Tax Managed Stock Fund FTXMX Trend FTRNX Value FDVLX Value Discovery FVDFX Value Strategies FSLSX Aggressive International FIVFX Diversified International FDIVX Global Balanced FGBLX International Discovery FIGRX International Small Cap FISMX International Small Cap Opportunities FSCOX Overseas FOSFX Spartan International Index FSIIX Worldwide FWWFX Canada FICDX China Region Fund FHKCX Europe FIEUX Europe Capital Appreciation FECAX Japan Fund FJPNX Japan Smaller Companies FJSCX Nordic FNORX Pacific Basin FPBFX Emerging Markets FEMKX Latin America FLATX Southeast Asia FSEAX Fidelity Utilities Fund FIUIX Select Air Transportation Portfolio FSAIX Select Automotive Portfolio FSAVX Select Banking Portfolio FSRBX Select Biotechnology Portfolio FBIOX Select Brokerage/Inv. Mgt. Portfolio FSLBX Select Business FBSOX Svcs/Outsourcings Portfolio Select Chemicals Portfolio FSCHX Select Computers Portfolio FDCPX Select Construction & Housing Portfolio FSHOX Select Consumer Industries Portfolio FSCPX Select Cyclical Industries Portfolio FCYIX Select Defense & Aerospace Portfolio FSDAX Select Developing Communications Portfolio FSDCX Select Electronics Portfolio FSELX Select Energy Portfolio FSENX Select Energy Service Portfolio FSESX Select Environmental Portfolio FSLEX Select Food & Agriculture Portfolio FDFAX Select Gold Portfolio FSAGX Select Health Care Portfolio FSPHX Select Home Finance Portfolio FSVLX Select Industrial Equipment Portfolio FSCGX Select Industrial Materials Portfolio FSDPX Select Insurance Portfolio FSPCX Select Leisure Portfolio FDLSX Select Medical Delivery Portfolio FSHCX Select Medical Equipment/Systems Portfolio FSMEX Select Multimedia Portfolio FBMPX Select Natural Gas Portfolio FSNGX Select Natural Resources Portfolio FNARX Select Networking & Infrastructure Portfolio FNINX Select Paper & Forest Products Portfolio FSPFX Select Pharmaceuticals Portfolio FPHAX Select Retailing Portfolio FSRPX Select Software/Computer Svces Portfolio FSCSX Select Technology Portfolio FSPTX Select Telecommunications Portfolio FSTCX Select Transportation Portfolio FSRFX Select Utilities Growth Portfolio FSUTX Select Wireless Portfolio FWRLX Select Money Market FSLXX International Real Estate FIREX Real Estate FRESX Real Estate Income FRIFX FourinOne Index Fund FFNOX Nasdaq Composite Index Fund FNCMX Spartan 500 Index Fund FSMKX Spartan International Index FSIIX Spartan Total Market Index FSTMX Spartan U.S. Equity Index FUSEX U.S. Bond Index Fund FBIDX Asset Manager FASMX Asset Manager: Aggressive FAMRX Asset Manager: Growth FASGX Asset Manager: Income FASIX Freedom 2000 FFFBX Freedom 2005 FFFVX Freedom 2010 FFFCX Freedom 2015 FFVFX Freedom 2020 FFFDX Freedom 2025 FFTWX Freedom 2030 FFFEX Freedom 2035 FFTHX Freedom 2040 FFFFX Freedom Income FFFAX Balanced FBALX Convertible Securities FCVSX Global Balanced FGBLX Puritan FPURX Strategic Dividend & Income FSDIX Ginnie Mae FGMNX Government Income FGOVX InflationProtection FINPX Intermediate Bond FTHRX Intermediate Govt Income FSTGX Investment Grade Bond FBNDX Mortgage Securities FMSFX ShortTerm Bond FSHBX Spartan Govt. Income SPGVX Strategic Income FSICX Total Bond FTBFX U.S. Bond Index FBIDX UltraShort Bond FUSFX Capital & Income FAGIX Floating Rate High Income FFRHX Focused High Income FHIFX High Income SPHIX New Markets Income FNMIX Intermediate Municipal Income FLTMX Municipal Income FHIGX ShortIntermediate Municipal Income FSTFX TaxFree Bond FTABX Arizona Municipal Income FSAZX California Municipal Income FCTFX Connecticut Municipal Income FICNX Florida Municipal Income FFLIX Maryland Municipal Income SMDMX Massachusetts Municipal Income FDMMX Michigan Municipal Income FMHTX Minnesota Municipal Income FIMIX New Jersey Municipal Income FNJHX New York Municipal Income FTFMX Ohio Municipal Income FOHFX Pennsylvania Municipal Income FPXTX Cash Reserves FDRXX FMMT: Retirement Government MM FGMXX FMMT: Retirement MM FRTXX Government Money Market SPAXX Money Market SPRXX Select Money Market FSLXX U.S. Government Reserves FGRXX U.S. Treasury Money Market FDLXX AMT TaxFree Money Fund FIMXX Municipal Money Market FTEXX TaxFree Money Market FMOXX Arizona Municipal MM FSAXX California AMT TaxFree MM FSPXX Connecticut Municipal MM FCFXX Florida Municipal MM FSFXX Massachusetts AMT TaxFree MM FMSXX Massachusetts Municipal MM FDMXX Michigan Municipal MM FMIXX New Jersey AMT TaxFree MM FSJXX New Jersey Municipal MM FNJXX New York AMT TaxFree MM FSNXX New York Municipal MM FNYXX Ohio Municipal MM FOMXX Pennsylvania Municipal MM FPTXX
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Fidelity Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the Fidelity Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.