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Wachovia Bank and Evergreen Sued

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At a glance:

The Wachovia Bank is a defendant in a class action suit by beneficiaries of certain fiduciary accounts managed by the bank. 
 
Evergreen Companies are co-defendants. 
 
The suit alleges that assets were improperly managed, that excessive fees were charged and that the Evergreen Fund investments made had misrepresentations and omissions in their prospectus. 
 

Class Action Targets Wachovia

Consumer Affairs - 6/3/2006 1:52 PM

A Philadelphia man who was shot and disabled when he was six years old has filed suit against Wachovia Bank, charging that the bank charged "sweep fees" for funds held in mutual funds set up with donations at the time of the shooting.
 
Ralph Brooks, Jr. charges that the bank misrepresented or omitted to mention the existence and amount of the fees. The suit seeks class action status on behalf of all beneficiaries of fiduciary accounts for which the bank was corporate fiduciary whose assets were invested by the Bank in Evergreen Funds.
 
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