NEW YORK, Sept. 8, 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 Hartford 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 Hartford Funds named below, are as follows:
ITTAX Hartford Advisers A IHABX Hartford Advisers B HAFCX Hartford Advisers C HADAX Hartford Advisers HLS IA HAIBX Hartford Advisers HLS IB IHAYX Hartford Advisers Y HAAAX Hartford Aggressive Growth Allocation A HAABX Hartford Aggressive Growth Allocation B HAACX Hartford Aggressive Growth Allocation C HBAAX Hartford Balanced Allocation A HBABX Hartford Balanced Allocation B HBACX Hartford Balanced Allocation C HBCIX Hartford Blue Chip HLS IA ITHAX Hartford Capital Appreciation A IHCAX Hartford Capital Appreciation B HCACX Hartford Capital Appreciation C HIACX Hartford Capital Appreciation HLS IA HIBCX Hartford Capital Appreciation HLS IB HCTAX Hartford Capital Appreciation II Fund Class A HCTBX Hartford Capital Appreciation II Fund Class B HFCCX Hartford Capital Appreciation II Fund Class C HCTYX Hartford Capital Appreciation II Fund Class Y HCAYX Hartford Capital Appreciation Y HCOIX Hartford Capital Opportunities HLS IA HCVAX Hartford Conservative Allocation A HCVBX Hartford Conservative Allocation B HCVCX Hartford Conservative Allocation C HAIAX Hartford Disciplined Equity A HGIBX Hartford Disciplined Equity B HGICX Hartford Disciplined Equity C HIAGX Hartford Disciplined Equity HLS IA HBGIX Hartford Disciplined Equity HLS IB HGIYX Hartford Disciplined Equity Y IHGIX Hartford Dividend & Growth A ITDGX Hartford Dividend & Growth B HDGCX Hartford Dividend & Growth C HIADX Hartford Dividend & Growth HLS IA HDGBX Hartford Dividend & Growth HLS IB HDGYX Hartford Dividend & Growth Y HQIAX Hartford Equity Income A HQIBX Hartford Equity Income B HQICX Hartford Equity Income C HIAEX Hartford Equity Income HLS IA HIBEX Hartford Equity Income HLS IB HQIYX Hartford Equity Income Y HFLAX Hartford Floating Rate Fund Class A HFLBX Hartford Floating Rate Fund Class B HFLCX Hartford Floating Rate Fund Class C HFLYX Hartford Floating Rate Fund Class Y HFFAX Hartford Focus A HFFBX Hartford Focus B HFFCX Hartford Focus C HIAFX Hartford Focus HLS IA HFCBX Hartford Focus HLS IB HFFYX Hartford Focus Y HGAAX Hartford Global Advisers HLS IA HGABX Hartford Global Advisers HLS IB HGCIX Hartford Global Comm HLS IA HBGCX Hartford Global Comm HLS IB HGCAX Hartford Global Communications A HGCBX Hartford Global Communications B HGCCX Hartford Global Communications C HGCYX Hartford Global Communications Y HGFAX Hartford Global Financial Svcs A HGFBX Hartford Global Financial Svcs B HGFCX Hartford Global Financial Svcs C HFIAX Hartford Global Financial Svcs HLS IA HBGFX Hartford Global Financial Svcs HLS IB HGFYX Hartford Global Financial Svcs Y HGHAX Hartford Global Health A HGHBX Hartford Global Health B HGHCX Hartford Global Health C HIAHX Hartford Global Health HLS IA HBGHX Hartford Global Health HLS IB HGHYX Hartford Global Health Y HALAX Hartford Global Leaders A HGLBX Hartford Global Leaders B HGLCX Hartford Global Leaders C HIALX Hartford Global Leaders HLS IA HBGLX Hartford Global Leaders HLS IB HGLYX Hartford Global Leaders Y HGTAX Hartford Global Technology A HGTBX Hartford Global Technology B HGTCX Hartford Global Technology C HIATX Hartford Global Technology HLS IA HBGTX Hartford Global Technology HLS IB HGTYX Hartford Global Technology Y HGWAX Hartford Growth A HRAAX Hartford Growth Allocation A HRABX Hartford Growth Allocation B HRACX Hartford Growth Allocation C HGWBX Hartford Growth B HGWCX Hartford Growth C FECHX Hartford Growth H HGIAX Hartford Growth HLS IA HBGRX Hartford Growth HLS IB FECLX Hartford Growth L FECBX Hartford Growth M FECCX Hartford Growth N HGOAX Hartford Growth Opportunities A HGOBX Hartford Growth Opportunities B HGOCX Hartford Growth Opportunities C FGRHX Hartford Growth Opportunities H HAGOX Hartford Growth Opportunities HLS IA HBGOX Hartford Growth Opportunities HLS IB FGRWX Hartford Growth Opportunities L FGRBX Hartford Growth Opportunities M FGRCX Hartford Growth Opportunities N HGOYX Hartford Growth Opportunities Y FGRZX Hartford Growth Opportunities Z HGWYX Hartford Growth Y HAHAX Hartford High Yield A HAHBX Hartford High Yield B HAHCX Hartford High Yield C HIAYX Hartford High Yield HLS IA HBHYX Hartford High Yield HLS IB HAHYX Hartford High Yield Y HTIAX Hartford Income A HINAX Hartford Income Allocation A HINBX Hartford Income Allocation B HINCX Hartford Income Allocation C HTIBX Hartford Income B HTICX Hartford Income C HTIYX Hartford Income Y HIAIX Hartford Index HLS IA HBIDX Hartford Index HLS IB HIPAX Hartford Inflation Plus A HIPBX Hartford Inflation Plus B HIPCX Hartford Inflation Plus C HIPYX Hartford Inflation Plus Y HIAOX Hartford International Opp HLS IA HBIOX Hartford International Opp HLS IB HAISX Hartford International Stock HLS IA HNCIX Hartford Intl Cap App HLS IA HBICX Hartford Intl Cap App HLS IB HNCAX Hartford Intl Capital Appr A HNCBX Hartford Intl Capital Appr B HNCCX Hartford Intl Capital Appr C HNCYX Hartford Intl Capital Appr Y IHOAX Hartford Intl Opportunities A HIOBX Hartford Intl Opportunities B HIOCX Hartford Intl Opportunities C HAOYX Hartford Intl Opportunities Y HNSAX Hartford Intl Small Company A HNSBX Hartford Intl Small Company B HNSCX Hartford Intl Small Company C HNSIX Hartford Intl Small Company HLS IA HBISX Hartford Intl Small Company HLS IB HNSYX Hartford Intl Small Company Y HLGCX Hartford Large Cap Growth HLS IA HMVAX Hartford Mid Cap Value A HMVBX Hartford Mid Cap Value B HMVCX Hartford Mid Cap Value C HMVYX Hartford Mid Cap Value Y HFMCX Hartford Midcap A HAMBX Hartford Midcap B HMDCX Hartford Midcap C HIMCX Hartford MidCap HLS IA HBMCX Hartford MidCap HLS IB HMCSX Hartford MidCap Stock HLS IA HMVIX Hartford MidCap Value HLS IA HBMVX Hartford MidCap Value HLS IB HMDYX Hartford Midcap Y HMSIX Hartford Mortgage Securities HLS IA HBMGX Hartford Mortgage Securities HLS IB HSMAX Hartford Select MidCap Growth A HSMBX Hartford Select MidCap Growth B HTSCX Hartford Select MidCap Growth C HSMYX Hartford Select MidCap Growth Y HFVAX Hartford Select MidCap Value Fund Class A HSVBX Hartford Select MidCap Value Fund Class B HFVCX Hartford Select MidCap Value Fund Class C HSVYX Hartford Select MidCap Value Fund Class Y HSDAX Hartford Short Duration A HSDBX Hartford Short Duration B HSDCX Hartford Short Duration C HSDYX Hartford Short Duration Y HSLAX Hartford Small Cap Growth A HSLBX Hartford Small Cap Growth B HSLCX Hartford Small Cap Growth C FACHX Hartford Small Cap Growth H FACAX Hartford Small Cap Growth L FACBX Hartford Small Cap Growth M FACCX Hartford Small Cap Growth N HSLYX Hartford Small Cap Growth Y HSCGX Hartford Small Cap Value HLS IA HBSCX Hartford Small Cap Value HLS IB IHSAX Hartford Small Company A HSCBX Hartford Small Company B HSMCX Hartford Small Company C HIASX Hartford Small Company HLS IA HDMBX Hartford Small Company HLS IB HSCYX Hartford Small Company Y HISCX Hartford SmallCap Growth HLS IA HBSGX Hartford SmallCap Growth HLS IB IHSTX Hartford Stock A ITSBX Hartford Stock B HSFCX Hartford Stock C HSTAX Hartford Stock HLS IA HIBSX Hartford Stock HLS IB HASYX Hartford Stock Y HTFAX Hartford Tax-Free CA A HTFBX Hartford Tax-Free CA B HTFCX Hartford Tax-Free CA C HTMAX Hartford Tax-Free MN A HTMBX Hartford Tax-Free MN B HTMCX Hartford Tax-Free MN C FTMNX Hartford Tax-Free MN E FTMHX Hartford Tax-Free MN H FTMAX Hartford Tax-Free MN L FTMBX Hartford Tax-Free MN M FTMCX Hartford Tax-Free MN N HTMYX Hartford Tax-Free MN Y HTNAX Hartford Tax-Free National A HTNBX Hartford Tax-Free National B HTNCX Hartford Tax-Free National C FTNLX Hartford Tax-Free National E FTNHX Hartford Tax-Free National H FTNAX Hartford Tax-Free National L FTNBX Hartford Tax-Free National M FTNKX Hartford Tax-Free National N HTNYX Hartford Tax-Free National Y HTYAX Hartford Tax-Free NY A HTYBX Hartford Tax-Free NY B HTYCX Hartford Tax-Free NY C ITBAX Hartford Total Return Bond A ITBBX Hartford Total Return Bond B HABCX Hartford Total Return Bond C HIABX Hartford Total Return Bond HLS IA HBNBX Hartford Total Return Bond HLS IB HABYX Hartford Total Return Bond Y HAUSX Hartford U.S. Government Secs HLS IA HBUSX Hartford U.S. Government Secs HLS IB HUSAX Hartford U.S. Government Securities A HUSBX Hartford U.S. Government Securities B HUSCX Hartford U.S. Government Securities C FIUGX Hartford U.S. Government Securities E FIUHX Hartford U.S. Government Securities H FIUAX Hartford U.S. Government Securities L FIPBX Hartford U.S. Government Securities M FIUCX Hartford U.S. Government Securities N HUSYX Hartford U.S. Government Securities Y HVFAX Hartford Value A HVFBX Hartford Value B HVFCX Hartford Value C HIAVX Hartford Value HLS IA HBVLX Hartford Value HLS IB HVOAX Hartford Value Opportunities A HVOBX Hartford Value Opportunities B HVOCX Hartford Value Opportunities C FVAHX Hartford Value Opportunities H HAVOX Hartford Value Opportunities HLS IA HBVOX Hartford Value Opportunities HLS IB FVAAX Hartford Value Opportunities L FVABX Hartford Value Opportunities M FRVCX Hartford Value Opportunities N HVOYX Hartford Value Opportunities Y HVFYX Hartford Value Y XHSFX The Hartford Income Shares Fund, Inc.
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 Hartford 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 Hartford 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca