Lockyer Vows To Appeal Ruling In American Funds Case

Law360, New York (February 7, 2006, 12:00 AM EST) -- California Attorney General Bill Lockyer, pushing on in his crusade against American Funds Distributors Inc., has said he will appeal a ruling that denied him the authority to take action against the fund over payments made to broker-dealers that were not disclosed to shareholders.

In November, a state court judge ruled that Lockyer doesn’t have the right to regulate what mutual fund companies tell their shareholders, crushing Lockyer's legal onslaught against the $8-trillion industry over its disclosure practices.

In his ruling, Los Angeles Superior Court Judge...
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