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Monday, February 23, 2004

Two New Suits Filed Against Fleet

by: Nicole Halsey

FleetBoston Financial Corp. has been hit with two more class action lawsuits alleging illegal trading in its Columbia Funds family of mutual funds, the Albany Business Review reports.

Both suits were filed on Friday, one by New York City-based law firm Cauley Geller Bowman & Rudman LLP and the second by Schiffrin & Barroway LLP of Bala Cynwyd, Pa.

The complaints allege that Fleet and subsidiaries Columbia Management Group Inc., Columbia Management Advisors Inc., Columbia Wagner Asset Management L.P and the Columbia Funds violated federal securities law by "engaging in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of Columbia Funds."

Earlier this month, a suit was filed by the Baltimore-based firm of Charles J. Piven, P.A.  

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