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Class Action Lawsuit Aims at Bank of America Fiduciary Services

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At a glance:

The Bank of America is facing a class action lawsuit by investors in their fiduciary accounts. The allegation is that the Bank preferentially purchased its proprietary Nations and Columbia funds for accounts, even though other funds were available that had better returns and lower fees.
 
Further, the suit alleges that the prospectus' for Nations and Columbia funds contained misleading information and omissions.

Class Action Complaint Filed for Bank of America Trust, Estate and ...

Yahoo! News - 6/20/2006 11:07 AM

ST. LOUIS, June 20 /PRNewswire/ -- Six beneficiaries of fiduciary accounts presently or formerly overseen by Bank of America, N.A. (the "Bank") have filed a Complaint in federal court here against the Bank and its parent, Bank of America Corporation arising out of the Bank's investment of assets held in the Bank's fiduciary accounts in its proprietary mutual funds, the Nations Funds, now named the Columbia Funds.
 
The Complaint alleges that the Bank improperly used assets in its fiduciary accounts to "bulk up" the Nations Funds by buying shares of the various Nations Funds for these accounts despite the availability of other mutual funds, such as those offered by the Vanguard Group or Fidelity Investments, which were well-managed, had good reputations and had lower expenses than the Nations or Columbia Funds.
 
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