Compliance March 24, 2009

Eight AIG Stock-Drop Cases Meld into One

A federal judge has consolidated eight employee stock-drop cases against American International Group, Inc. (AIG)
Reported by

U.S. District Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York ruled that the cases involved some of the same defendants and factual and legal issues.

The consolidated case will now move forward as In re American International Group Inc. ERISA Litigation II (08 Civ. 5722).

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The suits alleged the company breached its fiduciary duty by keeping the stock as an investment option in its 401(k) plan even after it became clear the company had substantial exposure to the rapidly deteriorating subprime mortgage market.

The court appointed the law firms Squitieri & Fearon, Harwood Feffer, Wolf Popper, and Keller Rohrback to serve as class counsel.

Products March 24, 2009

FundQuest Unveils Fund Fact Sheet Generator for Advisers

FundQuest has launched a new system allowing advisers to automatically create fact sheets for clients.
Reported by

A news release said the fact sheets are available for equity funds, fixed-income funds, balanced funds, ETF/equity, ETF/fixed income, and model portfolios.

The Boston-based company said the fact sheets include:

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  • investment strategy summary
  • style category
  • market capitalization
  • key financial ratios
  • expense ratio
  • trailing yields
  • top 10 holdings
  • holdings by major sector
  • foreign holdings by global region
  • performance for up to seven different time periods from one month to 10 years, compared to the category benchmark.

Advisers can click a check box and the system will generate a fact sheet for each fund included in the client’s custom investment proposal using FundQuest’s Investment Proposal module, according to the news release.

 

More information is available at www.fundquest.com/usa.

 

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