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Investors Sue Principal Over Fund Redemption Dates

Law360 (December 2, 2010, 1:40 PM EST) -- The Principal Financial Group has been hit with a putative class action alleging it misled investors into believing that mailed-in mutual fund redemption requests were processed when they were received at a Boston post office box, when in reality the requests were not processed until the following day, leading to investment losses.

According to the complaint, filed Wednesday in the U.S. District Court for the District of Massachusetts, investors were instructed by the prospectus given to them to mail their redemption requests to a Boston post...
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