NEW YORK–(BUSINESS WIRE)–Sept. 8, 2003–The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on September 8, 2003, on behalf of purchasers ofthe securities of the Nations Funds family of funds (the “Funds”) owned and operated by Bank of America Corp. (NYSE:BAC), and its subsidiaries and affiliates, between October 1, 1998 and July 3,2003, inclusive, (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940. A copy of thecomplaint filed in this action is available from the Court, or can be viewed on Milberg Weiss’ website at: http://www.milberg.com/cases/nationsfunds/
The Funds, and the symbols for the respective Funds named below, are as follows: <pre><br>Nations Capital Growth Fund (Sym: NCGIX, NCGNX, NCAGX, NCGRX)<br>Nations Marisco 21st Century Fund (Sym: NMTAX, NMTBX, NMYCX, NMYAX)<br>Nations Marsico Focused Equities Fund (Sym: NFEAX, NFEBX, NFECX, <br>NFEPX)<br>Nations Marsico Growth Fund (Sym: NMGIX, NGIBX, NMICX, NGIPX)<br>Nations MidCap Growth Fund (Sym: NEGAX, NEGNX, NEMGX, NEGRX)<br>Nations Small Company Fund (Sym: NSCGX, NCPBX, NCPCX, PSCPX)<br>Nations Strategic Growth Fund (Sym: NSGAX, NSIBX, NSGCX NSEPX)<br>Nations Asset Allocation Fund (Sym: PHAAX, NBASX, NAACX, NPRAX)<br>Nations MidCap Value Fund (Sym: NAMAX)<br>Nations SmallCap Value Fund (Sym: NSVAX)<br>Nations Value Fund (Sym: NVLEX, NVLNX, NVALX, NVLUX)<br>Nations Global Value Fund (Sym: NVVAX, NGLBX, NCGLX, NVPAX)<br>Nations International Equity Fund (Sym: NIIAX, NIENX, NITRX, NIEQX)<br>Nations International Value Fund (Sym: NIVLX, NBIVX, NVICX, EMIEX)<br>Nations Marsico International Opportunities Fund (Sym: MAIOX, MBIOX, <br>MCIOX, NMOAX)<br>Nations LargeCap Enhanced Core Fund (Sym: NMIAX, NMIMX)<br><br>Nations LargeCap Index Fund (Sym: NEIAX, NINDX)<br>Nations MidCap Index Fund (Sym: NTIAX, NMPAX)<br>Nations SmallCap Index Fund (Sym: NMSAX, NMSCX)<br><br>Nations LifeGoal(R) Balanced Growth Portfolio (Sym: NBIAX, NLBBX, <br>NBICX, NBGPX) <br>Nations LifeGoal(R) Growth Portfolio (Sym: NLGIX, NLGBX, NLGCX, NGPAX)<br>Nations LifeGoal(R) Income and Growth Portfolio (Sym: NLGAX, NLIBX, <br>NIICX, NIPAX)<br><br>Nations Bond Fund (Sym: NSFAX, NSFNX, NSFCX, NSFIX)<br>Nations Government Securities Fund (Sym: NGVAX, NGVTX, NGVSX, NGOVX)<br>Nations High Yield Bond Fund (Sym: NAHAX, NHYBX, NYICX, NYPAX)<br>Nations Intermediate Bond Fund (Sym: PHBAX, NTBBX, NTBCX, NATAX)<br>Nations Short-Intermediate Government Fund (Sym: NSIGX, NSINX, NSIFX, <br>NSIMX)<br>Nations Short-Term Income Fund (Sym: NSTRX, NSTIX, NSTMX)<br>Nations Strategic Income Fund (Sym: NDIAX, NDVIX, NDVSX, NDIVX)<br>Nations Convertible Securities Fund (Sym: PACIX, NCVBX, PHIKX, NCIAX)<br><br>Nations CA Intermediate Municipal Bond Fund (Sym: NACMX, NCMAX)<br>Nations CA Municipal Bond Fund (Sym: PHCTX, NCMBX, NCBCX, NCPAX)<br>Nations FL Intermediate Municipal Bond Fund (Sym: NFIMX, NFITX, NFINX,<br>NFLBX) <br>Nations FL Municipal Bond Fund (Sym: NFDAX, NFMNX, NFMBX, NFLMX)<br>Nations GA Intermediate Municipal Bond Fund (Sym: NGMIX, NGITX, NGINX,<br>NGAMX) <br>Nations Intermediate Municipal Bond Fund (Sym: NITMX, NIMMX, NIMNX, <br>NINMX)<br>Nations Kansas Municipal Income Fund (Sym: NKIAX, NKIBX, NKICX, NKSAX)<br>Nations MD Intermediate Municipal Bond Fund (Sym: NMDMX, NMITX, NMINX,<br>NMDBX) <br>Nations Municipal Income Fund, (Sym: NMUIX, NMNNX, NMNIX, NNUNX)<br>Nations NC Intermediate Municipal Bond Fund (Sym: NNCIX, NNITX, NNINX,<br>NNIBX) <br>Nations SC Intermediate Municipal Bond Fund (Sym: NSCIX, NISCX, NSICX,<br>NSCMX) <br>Nations Short-Term Municipal Income Fund (Sym: NSMMX, NSMUX, NSMIX)<br>Nations TN Intermediate Municipal Bond Fund (Sym: NTIMX, NTNNX, NTINX,<br>NTNIX) <br>Nations TX Intermediate Municipal Bond Fund (Sym: NTITX, NTXTX, NTXCX,<br>NTXIX)<br>Nations VA Intermediate Municipal Bond Fund (Sym: NVAFX, NVANX, NVRCX,<br>NVABX)<br><br>Nations CA Tax-Exempt Reserves (Sym: NATXX)<br>Nations Cash Reserves (Sym: NPRXX, NIBXX, NRSXX)<br>Nations Government Reserves (Sym: NGAXX, NGOXX)<br>Nations Money Market Reserves (Sym: NRBXX, NRTXX)<br>Nations Municipal Reserves (Sym: NMSXX)<br>Nations Tax-Exempt Reserves (Sym: NTEXX, NTXXX)<br>Nations Treasury Reserves (Sym: NTSXX, NTTXX).<br></pre>
The action, numbered 03 CV 6847, is pending in the United States District Court for the Southern District of New York, against defendants Bank of America Corp., Banc of America Capital Management, LLC., Bank of America Advisors, LLC, Nations Funds Inc., Robert H. Gordon, Theodore H. Sihpol III., Charles D. Bryceland, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC, Canary Capital Partners, Ltd, each of the Funds, and John Does 1-100.
The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary, to engage in “late trading” and “timing” of the Funds’ securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day’s net asset value, as opposed to being filled based on the next day’s net asset value, which is the proper procedure under SEC regulations. Late trading allows favored investors to make use of market-moving information that only becomes available after 4 P.M and has been compared to betting on a horse race that already has been run. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Late trading and timing injure ordinary mutual fund investors — who are not allowed to engage in such practices — and are acknowledged as improper practices by the Funds. In return for receiving extra fees from Canary and other favored investors, Bank of America and its subsidiaries allowed and facilitated Canary’s timing and late trading activities, to the detriment of class members, who paid, dollar for dollar, for Canary’s improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and represented that post-4 P.M. EST trades will be priced based on the next day’s net asset value and that premature redemptions will be assessed a charge.
If you bought the securities of any of the Funds between October 1, 1998 and July 3, 2003 and sustained damages, you may, no later than November 7, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: <pre><br> Steven G. Schulman<br> Peter E. Seidman<br> Andrei V. Rado<br> One Pennsylvania Plaza, 49th fl.<br> New York, NY, 10119-0165<br> Phone number: (800) 320-5081<br> E-mail: [email protected]<br> Website: http://www.milberg.com<br></pre>
