NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer announces that it has filed a class action lawsuit on behalf of all persons who purchased Federated 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 Federated Funds named below, are as follows:
Adjustable Rate Securities Fund (Nasdaq: FEUGX) (Nasdaq: FASSX)
Alabama Municipal Cash Trust (Nasdaq: ALMXX)
American Leaders Fund, Inc. (Nasdaq: FALDX) (Nasdaq: FALBX)
(Nasdaq: FALCX) (Nasdaq: FALFX) (Nasdaq: FALKX)
Arizona Municipal Cash Trust (Nasdaq: AZMXX)
Automated Cash Management Trust (Nasdaq: ACCXX) (Nasdaq: ACMXX)
Automated Government Cash Reserves (Nasdaq: AGSXX)
Automated Government Money Trust (Nasdaq: AGMXX)
Automated Treasury Cash Reserves (Nasdaq: ATTXX)
Bond Fund (Nasdaq: FDBAX) (Nasdaq: FDBBX) (Nasdaq: FDBCX)
(Nasdaq: ISHIX)
California Municipal Cash Trust (Nasdaq: CALXX) (Nasdaq: CAIXX)
(Nasdaq: CACXX)
California Municipal Income Fund (Nasdaq: FCMIX) (Nasdaq: CMUIX)
Capital Appreciation Fund (Nasdaq: FEDEX (Nasdaq: CPABX)
(Nasdaq: CPACX)(Nasdaq: CPAKX)
Capital Income Fund (Nasdaq: CAPAX) (Nasdaq: CAPBX) (Nasdaq: CAPCX)
(Nasdaq: CAPFX)
Capital Preservation Fund
Communications Technology Fund (Nasdaq: FCTAX) (Nasdaq: FCTEX)
(Nasdaq: FCTYX)
Connecticut Municipal Cash Trust (Nasdaq: FCTXX)
Conservative Allocation Fund (Nasdaq: FMCGX) (Nasdaq: FCGSX)
Equity Income Fund, Inc. (Nasdaq: FLEIFX) (Nasdaq: LEIBX)
(Nasdaq: LEICX) (Nasdaq: LFEIX)
European Equity Fund (Nasdaq: EURAX) (Nasdaq: EURBX) (Nasdaq: EURCX)
Florida Municipal Cash Trust (Nasdaq: FLCXX) (Nasdaq: FLMXX)
Fund for U.S. Government Securities (Nasdaq: FUSGX) (Nasdaq: FUSBX)
(Nasdaq: FUSCX)
GNMA Trust (Nasdaq: FGMAX) (Nasdaq: FGSSX)
Georgia Municipal Cash Trust (Nasdaq: GAMXX)
Global Equity Fund (Nasdaq: FGEIX) (Nasdaq: FGEFX) (Nasdaq: FGEDX)
Global Value Fund (Nasdaq: WUFAX) (Nasdaq: WUFBX) (Nasdaq: WUFCX)
Government Cash Series (Nasdaq: CTGXX)
Government Income Securities, Inc (Nasdaq: FGOAX) (Nasdaq: FGOBX)
(Nasdaq: FGOCX) (Nasdaq: FGOIX)
Government Obligations Fund (Nasdaq: GOIXX) (Nasdaq: GOSXX)
(Nasdaq: GORXX)
Government Obligations Tax-Managed Fund (Nasdaq: GOTXX)
(Nasdaq: GTSXX)
Government Ultrashort Duration Fund (Nasdaq: FGUAX) (Nasdaq: FGUSX)
(Nasdaq: FEUSX)
Growth Allocation Fund (Nasdaq: FMGPX) (Nasdaq: FMGSX)
Growth Strategies Fund (Nasdaq: FGSAX) (Nasdaq: FGSBX)
(Nasdaq: FGSCX)
Growth Strategies Fund II
High Income Bond Fund II
High Income Bond Fund, Inc. (Nasdaq: FHIIX) (Nasdaq: FHBBX)
(Nasdaq: FHICX)
High Yield Trust (Nasdaq: FHYTX)
Income Trust (Nasdaq: FICMX) (Nasdaq: FITSX)
Institutional High Yield Bond Fund (Nasdaq: FIHBX)
Intermediate Income Fund (Nasdaq: FIIFX) (Nasdaq: INISX)
Intermediate Municipal Trust (Nasdaq: FIMTX) (Nasdaq: FIMYX)
International Bond Fund (Nasdaq: FTIIX) (Nasdaq: FTBBX)
(Nasdaq: IFTIBX)
International Capital Appreciation Fund (Nasdaq: IGFAX)
(Nasdaq: IGFBX)(Nasdaq: IGFCX)
International Equity Fund (Nasdaq: FTITX) (Nasdaq: FIEBX)
(Nasdaq: FIECX)
International High Income Fund (Nasdaq: IHIAX) (Nasdaq: IHIBX)
(Nasdaq: IHICX)
International Small Company (Nasdaq: ISCAX) (Nasdaq: ISCBX)
(Nasdaq: ISCCX)
International Value Fund (Nasdaq: FGFAX) (Nasdaq: FGFBX)
(Nasdaq: FGFCX)
Kaufmann Fund (Nasdaq: KAUAX) (Nasdaq: KAUBX) (Nasdaq: KAUCX)
(Nasdaq: KAUFX)
Kaufmann Small Cap Fund (Nasdaq: FKASX) (Nasdaq: FKBSX)
(Nasdaq: FKCSX)
Large Cap Growth Fund (Nasdaq: FLGAX) (Nasdaq: FLGBX)
(Nasdaq: FLGCX)
Liberty U.S. Government Money Market Trust (Nasdaq: LUGXX)
(Nasdaq: LIBXX)
Limited Duration Fund (Nasdaq: FTRLX) (Nasdaq: FTRDX)
(Nasdaq: FLDIX) (Nasdaq: FLDSX)
Limited Term Fund (Nasdaq: LTDFX) (Nasdaq: LTFSX)
Limited Term Municipal Fund (Nasdaq: LMINX)
(Nasdaq: LFEDERATEDX)
Liquid Cash Trust (Nasdaq: LCTXX)
Managed Income Portfolio (Nasdaq: FMIPX) (Nasdaq: FIPSX)
Market Opportunity Fund (Nasdaq: FMAAX) (Nasdaq: FMBBX)
(Nasdaq: FMRCX)
Maryland Municipal Cash (Nasdaq: MDMXX)
Massachusetts Municipal Cash Trust (Nasdaq: MMCXX)
Master Trust (Nasdaq: FMTXX)
Max-Cap Index Fund (Nasdaq: MXCCX) (Nasdaq: FISPX) (Nasdaq: FMXKX)
(Nasdaq: FMXSX)
Michigan Intermediate Municipal Trust (Nasdaq: MMIFX)
Michigan Municipal Cash Trust (Nasdaq: MIIXX) (Nasdaq: MINXX)
(Nasdaq: MIMXX)
Mid-Cap Index Fund (Nasdaq: FMDCX)
Mini-Cap Index Fund (Nasdaq: MNCCX) (Nasdaq: FMCPX)
Minnesota Municipal Cash Trust (Nasdaq: MNMXX) (Nasdaq: FEMXX)
Moderate Allocation Fund (Nasdaq: FMMGX) (Nasdaq: FMMSX)
Money Market Trust (Nasdaq: MMTXX)
Mortgage Fund (Nasdaq: FGFIX) (Nasdaq: FGFSX)
Muni and Stock Advantage Fund (Nasdaq: FMUAX) (Nasdaq: FMNBX)
(Nasdaq: FMUCX)
Municipal Cash Series (Nasdaq: CMSXX) (Nasdaq: MCTXX)
Municipal Obligations Fund (Nasdaq: MFCXX) (Nasdaq: MOFXX)
(Nasdaq: MOSXX)
Municipal Opportunities Fund, Inc. (Nasdaq: FMOAX) (Nasdaq: FMOBX)
(Nasdaq: FMNCX) (Nasdaq: FMTFX)
Municipal Securities Fund, Inc. (Nasdaq: LMSFX) (Nasdaq: FMSBX)
(Nasdaq: LMSCX)
Municipal Ultrashort Fund (Nasdaq: FMUUX) (Nasdaq: FMUSX)
New Jersey Municipal Cash Trust (Nasdaq: NJMXX) (Nasdaq: NJSXX)
New York Municipal Cash Trust (Nasdaq: NYCXX) (Nasdaq: FNTXX)
New York Municipal Income Fund (Nasdaq: NYIFX) (Nasdaq: NYIBX)
North Carolina Municipal Cash Trust (Nasdaq: NCMXX)
North Carolina Municipal Income Fund (Nasdaq: NCIFX)
Ohio Municipal Cash Trust (Nasdaq: FOHXX) (Nasdaq: OHIXX)
(Nasdaq: OHTXX)
Ohio Municipal Income Fund (Nasdaq: OMIFX)
Pennsylvania Municipal Cash Trust (Nasdaq: PACXX) (Nasdaq: PAMXX)
(Nasdaq: FPAXX)
Pennsylvania Municipal Income Fund (Nasdaq: PAMFX)
(Nasdaq: FPABX)
Prime Cash Obligations Fund (Nasdaq: PCCXX) (Nasdaq: PCOXX)
(Nasdaq: PRCXX)
Prime Cash Series (Nasdaq: CTPXX)
Prime Money Fund II
Prime Obligations Fund (Nasdaq: POIXX) (Nasdaq: PRSXX) (Nasdaq: POLXX)
Prime Value Obligations Fund (Nasdaq: PVCXX) (Nasdaq: PVOXX)
(Nasdaq: PVSXX)
Quality Bond Fund II
Short-Term Income Fund (Nasdaq: FSTIX) (Nasdaq: FSISX)
Short-Term Municipal Trust (Nasdaq: FSHIX) (Nasdaq: FSHSX)
Short-Term U.S. Government Trust (Nasdaq: FSUXX)
Stock Trust (Nasdaq: FSTKX)
Stock and Bond Fund, Inc. (Nasdaq: FSTBX) (Nasdaq: FSBBX)
(Nasdaq: FSBCX) (Nasdaq: FSBKX)
Strategic Income Fund (Nasdaq: STIAX) (Nasdaq: SINBX)
(Nasdaq: SINCX) (Nasdaq: STFSX)
Tax-Free Instruments Trust (Nasdaq: TFIXX) (Nasdaq: TFSXX)
Tax-Free Obligations Fund (Nasdaq: TBIXX) (Nasdaq: TBSXX)
(Nasdaq: TBTXX)
Tax-Free Trust (Nasdaq: FTFXX)
Total Return Bond Fund (Nasdaq: TLRAX) (Nasdaq: TLRBX)
(Nasdaq: TLRCX) (Nasdaq: FTRBX) (Nasdaq: FTRKX)
(Nasdaq: FTRFX)
Total Return Government Bond Fund (Nasdaq: FTRGX)
(Nasdaq: FTGSX)
Treasury Cash Series (Nasdaq: CTTXX) (Nasdaq: CTWXX)
Treasury Obligations Fund (Nasdaq: TOCXX) (Nasdaq: TOIXX)
(Nasdaq: TOSXX) (Nasdaq: TOTXX)
Trust for Government Cash Reserves (Nasdaq: TGCXX)
Trust for Short-Term U.S. Government Securities (Nasdaq: TUSXX)
Trust for U.S. Treasury Obligations (Nasdaq: TTOXX)
U.S. Government Bond Fund (Nasdaq: FEDBX)
U.S. Government Securities Fund: 1-3 Years (Nasdaq: FSGVX)
(Nasdaq: UFSGIX) (Nasdaq: FSGTX)
U.S. Government Securities Fund: 2-5 Years (Nasdaq: FIGTX)
(Nasdaq: FIGKX) (Nasdaq: FIGIX)
U.S. Treasury Cash Reserves (Nasdaq: UTIXX) (Nasdaq: TISXX)
Ultrashort Bond Fund (Nasdaq: FULAX) (Nasdaq: FULIX)
(Nasdaq: FULBX)
Virginia Municipal Cash Trust (Nasdaq: VAIXX) (Nasdaq: VACXX)
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 Federated 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 Federated 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.