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Friday, February 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Advisors Didn’t Adjust Porfolios |To Foreign Markets, Clients Claim

EDWARDSVILLE, ILL. (CN) - T. Rowe Price International Funds, Artisan Funds, Artisan Partners, AIM International Funds and AIM Advisors fail to make any value adjustments from foreign markets for their clients' net asset value (NAV) in their portfolios, damaging their clients' portfolio worth, a class action claims in Madison County Court.

Named plaintiffs T.K. Parthasarathy, Edmund Woodbury, Stuart Smith and Sharon Smith say the defendants set their NAV daily according to the New York Stock Exchange at 4 p.m. eastern time. The plaintiffs claim that positive trends in the NYSE affect Asian and European markets the next day, and the defendants' NAV fails to incorporate those positive trends.

As a result, the plaintiffs claim, market timers who buy shares of the defendants' funds on days when the United States market moves up are buying discounted shares at the expense of other fund shareholders.

The class consists of all U.S. citizens who have owned shares of the defendants' funds for more than 14 days in the past five years. The class is seeking damages and is represented by Stephen Tillery of Swansea, Ill.

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