Published: May 24, 2004
Law Offices of Charles J. Piven, P.A. Announces Class Action Lawsuit Against Merrill Lynch & Co., Merrill Lynch Pierce Fenner & Smith Incorporated and Merrill Lynch Investment Managers L.P. on Behalf of Investors -- MDHIX, MDCTX, MDDCX, MDFNX
BALTIMORE, May 24, 2004 -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action was commenced on behalf of shareholders who purchased or otherwise acquired shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name (the "MLIM Funds") through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") acting as broker between May 20, 1999 to the present (the "Class Period") and who were damaged thereby, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The MLIM Funds, and the symbols for the respective MLIM Funds, that may be the subject of the claims asserted in the Complaint are as follows:
-- ML Aggregate Bond Index Fund
-- ML Balanced Capital Fund, Inc.
-- ML Basic Value Fund, Inc.
-- ML Bond Fund, Inc. -- Core Bond Portfoli --
-- ML Bond Fund, Inc. -- High Income Portfoli --
-- ML Bond Fund, Inc. -- Intermediate Term
-- ML California Insured Municipal Bond Fund
-- ML Developing Capital Markets Fund, Inc.
-- ML Disciplined Equity Fund, Inc.
-- ML Dragon Fund, Inc.
-- ML Equity Dividend Fund
-- ML EuroFund
-- ML Florida Municipal Bond Fund
-- ML Focus Twenty Fund, Inc.
-- ML Focus Value Fund, Inc.
-- ML Fundamental Growth Fund, Inc.
-- ML Global Allocation Fund, Inc.
-- ML Global Balanced Fund
-- ML Global Financial Services Fund, Inc.
-- ML Global Growth Fund, Inc.
-- ML Global SmallCap Fund, Inc.
-- ML Global Technology Fund, Inc.
-- ML Global Value Fund, Inc.
-- ML Healthcare Fund, Inc.
-- ML International Equity Fund
-- ML International Fund
-- ML International Index Fund
-- ML International Value Fund
-- ML Internet Strategies Fund
-- ML Large Cap Core Fund
-- ML Large Cap Growth Fund
-- ML Large Cap Value Fund
-- ML Latin America Fund, Inc.
-- ML Low Duration Fund
-- ML Mid Cap Value Fund
-- ML Municipal Bond Fund, Inc. -- Insured
-- ML Municipal Bond Fund, Inc. -- Limited Maturity
-- ML Municipal Bond Fund, Inc. -- National
-- ML Municipal Intermediate Term Fund
-- ML Resources Trust
-- ML New Jersey Municipal Bond Fund
-- ML New York Municipal Bond Fund
-- ML Pacific Fund, Inc.
-- ML Pan-European Growth Fund
-- ML Pennsylvania Municipal Bond Fund
-- ML S&P 500 Index Fund MDSRX
-- ML Short Term U.S. Government Fund, Inc.
-- ML Small Cap Growth Fund
-- ML Small Cap Index Fund
-- ML Small Cap Value Fund, Inc.
-- ML Strategy All-Equity Fund
-- ML Strategy Growth and Income Fund
-- ML Strategy Long-Term Growth Fund
-- ML U.S. Government Mortgage Fund
-- ML U.S. High Yield Fund, Inc.
-- ML Utilities and Telecommunications Fund
-- ML World Income Fund, Inc.
The case, numbered 04-cv-3759, is pending before the Honorable Richard Owen in the United States District Court for the Southern District of New York against defendants Merrill Lynch & Co. ("ML&Co.") , Merrill Lynch Pierce Fenner & Smith Incorporated ("MLPF&S") and Merrill Lynch Investment Managers L.P ("MLIM LP").
The action charges defendants with engaging in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiffs and other members of the Class. As part and parcel of defendants' unlawful conduct, the Complaint alleges, defendants, in contravention of their disclosure obligations, fiduciary responsibilities and National Association of Securities Dealers ("NASD") Rules, failed to properly disclose that defendants systematically applied incentives and demerits to induce and compel MLPF&S's mid-level managers to maximize sales of mutual funds carrying the MLIM brand name. The Complaint further alleges that, in turn, these mid-level managers --- Regional Directors, Directors and Resident Managers -- brought intense pressure to bear on the Financial Advisors under their supervision to steer the Financial Advisors' clients away from mutual funds owned and managed by other entities and into MLIM Funds. By investing in the MLIM Funds, plaintiffs and other members of the Class received a return on their investment that was substantially less than the return on investment that they would have received had they invested the same dollars in a comparable fund. As also alleged in the Complaint, MLPF&S's undisclosed plan and scheme has operated as a wrongful and deceptive exploitation of the misplaced trust of its clients.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than July 19, 2004 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you acquired shares or other ownership units of any of the mutual funds carrying the Merrill Lynch brand name through Merrill Lynch, Pierce, Fenner & Smith acting as broker during the Class Period indicated and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
CONTACT: Law Offices Of Charles J. Piven, P.A., Baltimore, Maryland
Charles J. Piven
410/986-0036
hoffman@pivenlaw.com
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