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What looked like a dead issue may have some new life. Dow Jones Newswires reported Wednesday that the Golden State's top lawyer, Bill Lockyer, isn't taking a ruling that appeared to prevent him from pursing a case against American Funds Distributors lying down.
Last March, Lockyer's office sued the firm for allegedly failing to properly disclose that it had made payments to brokers in return for their sales of the funds. American immediately countersued, arguing that its revelations were adequate and that Lockyer didn't have the authority to bring the case. The matter appeared to be closed in November when Los Angeles Superior Court Judge Carl J. West said that he agreed with the firm.
But now the AG's office is contending that it does have the authority after all.
To date, there hasn't been much public evidence of wrongdoing, though Lockyer's original complaint included very serious allegations against the fund firm.
American Funds May Join Time Warner Fight
The Times of London reported Feb. 6 that Capital Research and Management, best known as the advisor firm for American Funds, is growing more sympathetic to private billionaire investor Cark Icahn's bid to oust the management of Time Warner
Although the Los Angeles-based mutual fund giant has been a net seller of Time Warner's stock recently, it still holds more than 5% as of the last SEC filing, making it the media giant's biggest shareholder. Icahn and a group of backers hold about 3.5% among them.
American Century Launches Long-Short Fund