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Franklin Templeton mutual fund settlement



There's nothing inherently wrong with a $4.4M settlement—except when the attorneys and class representatives are going to request $2.27M of it, about 52% of the total. The settlement also violates Rule 23 because it includes a secret side agreement not disclosed to the class.

The case is In re Mutual Funds Investment Litigation, Case No. 1:04-MD-15862-JFM (D. Md.); the objection deadline is October 1. One hopes a class member objects to this illegal settlement and unreasonable fee request. (h/t CCAF attorney Adam Schulman)

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Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.