Smith Barney Investors Seek Class Cert. In Fee Notice Suit

Law360, New York (March 6, 2013, 8:11 PM EST) -- A group of Smith Barney Management Fund LLC investors asked a New York federal judge on Friday to certify an eight-year class action alleging the brokerage and its executive Lewis Daidone misled investors about fees in company prospectuses.

The investors’ attorney, Richard A. Acocelli of WeissLaw LLP, told U.S. District Judge William H. Pauley at oral argument that his clients have sufficiently established a presumption that they relied on prospectuses signed by Daidone, and that those prospectuses omitted key information about new transfer agent costs that...
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