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Rating:Rydex Can't Change Class-Action Venues Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 01, 2010

Rydex Can't Change Class-Action Venues

Reported by Hung Tran

A judge this week denied Rydex's request for a change of venue as the company prepares to defend itself against a suit for allegedly misleading investors in its Rydex Inverse Government Long Bond Strategy Fund.

Rydex stands accused of violating securities laws by disseminating prospectuses and other documents that contained allegedly false and misleading information about its Bond Strategy Fund. The mutual fund's performance was advertised as being inversely correlated to the price of the 30-year U.S. Treasury Bond .

Judge Charles Breyer on Tuesday denied Rydex's attempts to take the fight back Rydex's base in the District of Maryland as opposed to the Northern District of California, where the fund documents were prepared, stating that "the district has a significant connection to the events giving rise to the action". The judge's decision was based on the fact that Rydex operated and marketed the fund to investors within the region.

Rydex's legal troubles began in March when it was hit with a suit by the Sparer Law Group claiming that Rydex failed to disclose the fact the fund traded daily to its investors

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