Morgan Mutual Fund Shareholder Suit Dismissed

Law360, New York (September 12, 2011, 6:51 PM EDT) -- A Tennessee federal judge on Friday tossed a shareholder derivative suit against Morgan Asset Management Inc. and managers of four of its mutual funds that claimed they misled investors over the funds' content and performance.

U.S. District Judge Samuel Mays granted a dismissal motion by the funds' independent directors that argued the investors had no legal standing since the new directors had said they would investigate any possible wrongdoing. Because the plaintiffs had no standing, Judge Mays also granted separate dismissal motions filed by Morgan Asset...
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