Salomon Smith Barney Cleared In Excessive Fee Case

Law360, New York (December 4, 2007, 12:00 AM EST) -- A federal judge has tossed a derivative lawsuit in which the investment advisers and distributors of nine Salomon Smith Barney mutual funds were accused of charging excessive fees to investors.

In a decision reached Monday, Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York dismissed the second consolidated amended complaint with prejudice. He had previously dismissed the first consolidated amended complaint, but granted limited leave for the plaintiffs to re-plead their claim as a derivative.

“When asked at oral...
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