Shareholder Class Action Filed Against FleetBoston Financial
Corporation and Its Columbia Family of Mutual Funds by the Law Firm
of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Feb. 20
/PRNewswire/ -- The following statement was issued today by the law
firm of Schiffrin & Barroway, LLP: Notice is hereby given that
a class action lawsuit was filed in the United States District
Court for the United States District Court for the District of
Massachusetts on behalf of all purchasers, redeemers and holders of
shares of Columbia Acorn Fund (NASDAQ:LACAX), (NASDAQ:LACBX),
(NASDAQ:LIACX), (NASDAQ:ACRNX), Columbia Acorn Select
(NASDAQ:LTFAX) (NASDAQ:LTFBX), (NASDAQ:LTFCX), (NASDAQ:ACTWX),
Columbia Acorn USA (NASDAQ:LAUAX) (NASDAQ:LAUBX), (NASDAQ:LAUCX),
(NASDAQ:AUSAX), Columbia Asset Allocation Fund (NASDAQ:LAAAX),
(NASDAQ:LAABX), (NASDAQ:LAACX), (NASDAQ:GBAAX), (NASDAQ:GAAAX),
(NASDAQ:GAATX), Columbia Balanced Fund (NASDAQ:CBLAX),
(NASDAQ:CBLBX), (NASDAQ:CBLCX), (NASDAQ:CBLDX), (NASDAQ:CBALX),
andother of the Columbia family of funds ("Columbia Funds"), which
are operated by FleetBoston Financial Corporation (NYSE:FBF),
Columbia Management Group, Inc., Columbia Management Advisors, Inc.
and Columbia Wanger Asset Management, L.P. between February 13,
1999 and January 14, 2004, inclusive (the "Class Period"). If you
wish to discuss this action or have any questions concerning this
notice or your rights or interests with respect to these matters,
please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq.
or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or
1-610-667-7706, or via e-mail at . The following Columbia Funds are
part of this class action: Columbia Acorn Fund (NASDAQ:LACAX),
(NASDAQ:LACBX), (NASDAQ:LIACX), (NASDAQ:ACRNX) Columbia Acorn
Select (NASDAQ:LTFAX) (NASDAQ:LTFBX), (NASDAQ:LTFCX),
(NASDAQ:ACTWX) Columbia Acorn USA (NASDAQ:LAUAX) (NASDAQ:LAUBX),
(NASDAQ:LAUCX), (NASDAQ:AUSAX) Columbia Asset Allocation Fund
(NASDAQ:LAAAX), (NASDAQ:LAABX), (NASDAQ:LAACX), (NASDAQ:GBAAX),
(NASDAQ:GAAAX), (NASDAQ:GAATX) Columbia Balanced Fund
(NASDAQ:CBLAX), (NASDAQ:CBLBX), (NASDAQ:CBLCX), (NASDAQ:CBLDX),
(NASDAQ:CBALX) Columbia Common Stock Fund (NASDAQ:CMSAX),
(NASDAQ:CMSBX), (NASDAQ:CCSCX), (NASDAQ:CMSDX), (NASDAQ:CMSTX)
Columbia Disciplined Value Fund (NASDAQ:LEVAX), (NASDAQ:LEVBX),
(NASDAQ:LEVCX), (NASDAQ:GEVBX), (NASDAQ:GALEX), (NASDAQ:GEVTX)
Columbia Dividend Income Fund (NASDAQ:LBSAX), (NASDAQ:LBSBX),
(NASDAQ:LBSCX), (NASDAQ:GEQBX), (NASDAQ:GEQAX), (NASDAQ:GSFTX)
Columbia Growth & Income Fund (NASDAQ:CFGAX), (NASDAQ:CFGBX),
(NASDAQ:CFGDX), (NASDAQ:LGISX) Columbia Growth Fund (NASDAQ:CGWAX),
(NASDAQ:CGWBX), (NASDAQ:CGWCX), (NASDAQ:CGWDX), (NASDAQ:CGWGX),
(NASDAQ:CLMBX) Columbia Growth Stock Fund (NASDAQ:CGSAX),
(NASDAQ:CGSBX), (NASDAQ:CGSCX), (NASDAQ:SRFSX) Columbia Large Cap
Core Fund (NASDAQ:LCCAX), (NASDAQ:LCCBX), (NASDAQ:LCCCX),
(NASDAQ:GGRBX), (NASDAQ:SGIEX), (NASDAQ:SMGIX) Columbia Large Cap
Growth Fund (NASDAQ:LEGAX), (NASDAQ:LEGBX), (NASDAQ:LEGCX),
(NASDAQ:GBEGX), (NASDAQ:GAEGX), (NASDAQ:GEGTX) Columbia Large
Company Index Fund (NASDAQ:LLIAX), (NASDAQ:LLIBX), (NASDAQ:LLICX),
(NASDAQ:ILCIX) Columbia Liberty Fund (NASDAQ:COLFX),
(NASDAQ:CCFBX), (NASDAQ:CTCCX), (NASDAQ:CTCFX) Columbia Mid Cap
Growth Fund (NASDAQ:CBSAX), (NASDAQ:CBSBX), (NASDAQ:CMCCX),
(NASDAQ:CBSDX), (NASDAQ:CBSGX), (NASDAQ:CBSTX), (NASDAQ:CLSPX)
Columbia Mid Cap Value Fund (NASDAQ:COLGX), (NASDAQ:COGBX),
(NASDAQ:CSVCX), (NASDAQ:LSVSX) Columbia Real Estate Equity Fund
(NASDAQ:CREAX), (NASDAQ:CREBX), (NASDAQ:CRECX), (NASDAQ:CREDX),
(NASDAQ:CREEX) Columbia Small Cap Fund (NASDAQ:LSMAX),
(NASDAQ:LSMBX), (NASDAQ:LSMCX), (NASDAQ:GBSMX), (NASDAQ:SSCEX),
(NASDAQ:SMCEX) Columbia Small Cap Growth Fund (NASDAQ:CMSCX)
Columbia Small Cap Value Fund (NASDAQ:CSMIX), (NASDAQ:CSSBX),
(NASDAQ:CSSCX), (NASDAQ:CSCZX) Columbia Small Company Equity Fund
(NASDAQ:LSEAX), (NASDAQ:LSEBX), (NASDAQ:LSECX),
(NASDAQ:GERBXNASDAQ:(Nasdaq:NASDAQ:GASEX), (NASDAQ:GSETX) Columbia
Small Company Index Fund (NASDAQ:LBIAX), (NASDAQ:LBIBX),
(NASDAQ:LBICX), (NASDAQ:ISCIX) Columbia Strategic Investor Fund
(NASDAQ:CSVAX), (NASDAQ:CSVBX), (NASDAQ:CSRCX), (NASDAQ:CSVDX),
(NASDAQ:CSVFX) Columbia Tax-Managed Aggressive Growth Fund
(NASDAQ:LTMAX), (NASDAQ:LTAGX), (NASDAQ:LTACX), (NASDAQ:LTAZX)
Columbia Tax-Managed Growth Fund (NASDAQ:STMAX), (NASDAQ:CTMBX),
(NASDAQ:CTMCX), (NASDAQ:LMGZX) Columbia Tax-Managed Growth Fund II
(NASDAQ:LTGAX), (NASDAQ:LTIIX), (NASDAQ:LTGCX), (NASDAQ:LTGZX)
Columbia Tax-Managed Value Fund (NASDAQ:SRVAX), (NASDAQ:CTMVX),
(NASDAQ:LTVCX), (NASDAQ:LTMZX) Columbia Technology Fund
(NASDAQ:CTCAX), (NASDAQ:CTCBX), (NASDAQ:CTHCX), (NASDAQ:CTCDX),
(NASDAQ:CMTFX) Columbia Thermostat Fund (NASDAQ:CTFAX),
(NASDAQ:CTFBX), (NASDAQ:CTFDX), (NASDAQ:COTZX) Columbia Utilities
Fund (NASDAQ:CUTLX), (NASDAQ:CUTBX), (NASDAQ:CUTFX), (NASDAQ:LUFZX)
Columbia Young Investor Fund (NASDAQ:LYIAX), (NASDAQ:LYIBX),
(NASDAQ:LYICX), (NASDAQ:SRYIX) Columbia Acorn International Fund
(NASDAQ:LAIAX), (NASDAQ:LIABX), (NASDAQ:LAICX), (NASDAQ:ACINX)
Columbia Acorn International Select Fund (NASDAQ:LAFAX),
(NASDAQ:LFFBX), (NASDAQ:LFFCX), (NASDAQ:ACFFX) Columbia Europe Fund
(NASDAQ:NEUAX), (NASDAQ:LNEBX), (NASDAQ:LNECX), (NASDAQ:LNEZX)
Columbia European Thematic Equity Fund (NASDAQ:LSREX) Columbia
Global Equity Fund (NASDAQ:CGUAX), (NASDAQ:CGUBX), (NASDAQ:CGUCX)
Columbia Global Thematic Equity Fund (NASDAQ:LSRGX) Columbia
International Equity Fund (NASDAQ:LIEAX), (NASDAQ:LIEBX),
(NASDAQ:LIECX), (NASDAQ:GBIEX), (NASDAQ:GAIEX), (NASDAQ:GIETX)
Columbia International Stock Fund (NASDAQ:CISAX), (NASDAQ:CISBX),
(NASDAQ:CSKCX), (NASDAQ:CISDX), (NASDAQ:CMISX) Columbia Newport
Asia Pacific Fund (NASDAQ:NWAPX), (NASDAQ:LNABX), (NASDAQ:LNACX),
(NASDAQ:LAPSX) Columbia Newport Japan Opportunities Fund
(NASDAQ:NJOAX), (NASDAQ: NJOBX), (NASDAQ:NJOCX), (NASDAQ:LNJZX)
Columbia Newport Greater China Fund (NASDAQ:NGCAX), (NASDAQ:NGCBX),
(NASDAQ:NGCCX), (NASDAQ:LNGZX) Columbia Newport Tiger Fund
(NASDAQ:CNTAX), (NASDAQ:CNTBX), (NASDAQ:CNTDX), (NASDAQ:CNTTX),
(NASDAQ:CNTZX) Columbia Contrarian Income Fund (NASDAQ:CHINX),
(NASDAQ:LCIBX), (NASDAQ:LCICX), (NASDAQ:LCIZX) Columbia Corporate
Bond Fund (NASDAQ:LBCAX), (NASDAQ:LBCBX), (NASDAQ: LBCCX),
(NASDAQ:GCBTX) Columbia Daily Income Company Fund (NASDAQ:CDIXX)
Columbia Federal Securities Fund (NASDAQ:CFSAX), (NASDAQ:CFSOX),
(NASDAQ:CFSCX), (NASDAQ:LFSZX) Columbia Fixed Income Securities
Fund (NASDAQ:CFIAX), (NASDAQ:CFIBX), (NASDAQ:CISCX),
(NASDAQ:CFIDX), (NASDAQ:CFISX) Columbia Floating Rate Advantage
Fund (NASDAQ:XSFRX), (NASDAQ:XSFBX), (NASDAQ:XLACX), (NASDAQ:XLAZX)
Columbia Floating Rate Fund (NASDAQ:XLFAX), (NASDAQ:XLSBX),
(NASDAQ:XLFCX), (NASDAQ:XLFZX) Columbia High Yield Fund
(NASDAQ:CHGAX), (NASDAQ:CHGBX), (NASDAQ: CHDCX), CHGDX),
(NASDAQ:CMHYX) Columbia High Yield Opportunity Fund (NASDAQ:COLHX),
(NASDAQ:COHBX), (NASDAQ:CHYCX), (NASDAQ:LHYZX) Columbia Income Fund
(NASDAQ:LIIAX), (NASDAQ:CIOBX), (NASDAQ:CIOCX), (NASDAQ:SRINX)
Columbia Intermediate Bond Fund (NASDAQ:LIBAX), (NASDAQ:LIBBX),
(NASDAQ:LIBCX), (NASDAQ:SRBFX) Columbia Intermediate Government
Income Fund (NASDAQ:LIGAX), (NASDAQ:LIGBX), (NASDAQ:LIGCX),
(NASDAQ:GGIBX), (NASDAQ:GALBX), (NASDAQ:GIBTX) Columbia Money
Market Fund (NASDAQ:CMMXX), (NASDAQ:CMBXX), (NASDAQ:CMCXX),
(NASDAQ:LMZXX) Columbia Quality Plus Bond Fund (NASDAQ:LQPAX),
(NASDAQ:LQPBX), (NASDAQ:LQPCX), (NASDAQ:GBHQX), (NASDAQ:GAHQX),
(NASDAQ:GHQTX) ColumbiaShort Term Bond Fund (NASDAQ:CTBAX),
(NASDAQ:CTBBX), (NASDAQ:CSHCX), (NASDAQ:CTBDX), (NASDAQ:CTBGX),
(NASDAQ:CTBTX), (NASDAQ:CUGGX) Columbia Strategic Income Fund
(NASDAQ:COSIX), (NASDAQ:CLSBX), (NASDAQ:CLSCX), (NASDAQ:LSIZX)
Columbia US Treasury Index Fund (NASDAQ:LUTAX), (NASDAQ:LUTBX),
(NASDAQ:LUTCX), (NASDAQ:IUTIX) Columbia California Tax-Exempt Fund
(NASDAQ:CLMPX), (NASDAQ:CCABX), (NASDAQ:CCAOX) Columbia Connecticut
Intermediate Municipal Bond (NASDAQ:LCTAX), (NASDAQ:LCTBX),
(NASDAQ:LCTCX), (NASDAQ:GCBBX), (NASDAQ:GCBAX), (NASDAQ:SCTEX)
Columbia Connecticut Tax-Exempt Fund (NASDAQ:COCTX),
(NASDAQ:CCTBX), (NASDAQ:CCTCX) Columbia Florida Intermediate
Municipal Bond Fund (NASDAQ:LFIAX), (NASDAQ:LFIBX), (NASDAQ:LFICX),
(NASDAQ:SFTEX) Columbia High Yield Municipal Fund (NASDAQ:LHIAX),
(NASDAQ:CHMBX), (NASDAQ:CHMCX), (NASDAQ:SRHMX) Columbia
Intermediate Tax-Exempt Bond Fund (NASDAQ:LITAX), (NASDAQ:LITBX),
(NASDAQ:LITCX), (NASDAQ:GIMBX), (NASDAQ:GIMAX), (NASDAQ:SETMX)
Columbia Managed Municipals Fund (NASDAQ:LMMAX), (NASDAQ:LMMBX),
(NASDAQ:LMMCX), (NASDAQ:SRMMX) Columbia Massachusetts Intermediate
Municipal Bond Fund (NASDAQ:LMIAX), (NASDAQ:LMIBX), (NASDAQ:LMICX),
(NASDAQ:GMBBX), (NASDAQ:GMBAX), (NASDAQ:SEMAX) Columbia
Massachusetts Tax-Exempt Fund (NASDAQ:COMAX), (NASDAQ:CMABX),
(NASDAQ:COMCX) Columbia Municipal Money Market Fund (NASDAQ:CXMXX),
(NASDAQ:CMNXX), (NASDAQ:CMXXX), (NASDAQ:CMZXX) Columbia National
Municipal Bond Fund (NASDAQ:CNLAX), (NASDAQ:CNLBX), (NASDAQ:CNBCX),
(NASDAQ:CNLDX), (NASDAQ:CLNMX) Columbia New Jersey Intermediate
Municipal Bond Fund (NASDAQ:LNIAX), (NASDAQ:LNIBX), (NASDAQ:LNICX),
(NASDAQ:GNJBX), (NASDAQ:GNJAX), (NASDAQ:GNJTX) Columbia New York
Intermediate Municipal Bond Fund (NASDAQ:LNYAX), (NASDAQ:LNYBX),
(NASDAQ:LNYCX), (NASDAQ:GBNYX), (NASDAQ:GANYX), (NASDAQ:GNYTX)
Columbia New York Tax-Exempt Fund (NASDAQ:COLNX), (NASDAQ:CNYBX),
(NASDAQ:CNYCX) Columbia Oregon Municipal Bond Fund (NASDAQ:COEAX),
(NASDAQ:COEBX), (NASDAQ:CORCX),(NASDAQ:COEDX), (NASDAQ:CMBFX)
Columbia Pennsylvania Intermediate Municipal Bond Fund
(NASDAQ:LPIAX), (NASDAQ:LPIBX), (NASDAQ:LPICX), (NASDAQ:GTPAX)
Columbia Rhode Island Intermediate Municipal Bond Fund
(NASDAQ:LRIAX), (NASDAQ:LRIBX), (NASDAQ:LRICX), (NASDAQ:GRBBX),
(NASDAQ:GRBAX), (NASDAQ:GRITX) Columbia Tax-Exempt Fund
(NASDAQ:COLTX), (NASDAQ:CTEBX), (NASDAQ: COLCX) Columbia Tax-Exempt
Insured Fund (NASDAQ:CEXIX), (NASDAQ:CEIBX), (NASDAQ:CEINX) The
complaint charges, FleetBoston FinancialCorporation, Columbia
Management Group, Inc., Columbia Management Advisors, Inc.,
Columbia Wanger Asset Management, L.P., the Columbia Funds, and the
Doe Defendants with violations of the Securities Act of 1933 (the
"Securities Act"), the Securities Exchange Act of 1934 (the
"Exchange Act"), the Investment Company Act of 1940 (the
"Investment Company Act"), and for common law breach of fiduciary
duties. The Complaint alleges that during the Class Period the
defendants engaged in illegal and impropertrading practices, in
concert with certain institutional traders, which caused financial
injury to the shareholders of the Columbia Funds. According to the
Complaint, the Defendants surreptitiously permitted certain favored
investors, including the Doe Defendants, to illegally engage in
"timing" of the Columbia Funds whereby these favored investors were
permitted to conduct short-term, "in and out" trading of mutual
fund shares, despite explicit restrictions on such activity in the
Columbia Funds' prospectuses. Plaintiff seeks to recover damages on
behalf of class members and is represented by the law firm of
Schiffrin & Barroway, which prosecutes class actions in both
state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and
has recovered in excess of a billion dollars on behalf of
institutional and high net worth individual investors. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com. If you are a member of the class
described above, you may, not later than April 13, 2004, move the
Court to serve as lead plaintiff of the class, if you so choose. In
order to serve as lead plaintiff, however, you must meet certain
legal requirements. You may retain Schiffrin & Barroway, LLP,
or other counsel of your choice, to serve as your counsel in this
action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq.
Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala
Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by
e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc
A. Topaz, Esq. or Stuart L. Berman, Esq. of Schiffrin &
Barroway, LLP, +1-888-299-7706, or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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