The mutual fund industry, which has been under intense scrutiny in recent years, has received some good news from a federal judge who dismissed a class action lawsuit filed against Salomon Smith Barney. Southern District of New York Judge Paul A. Crotty held that investors had standing to sue on behalf of only those funds whose shares they owned. "From an industry standpoint, this was a great decision," said James N. Benedict, a Milbank Tweed partner who represented the investment firm.
Class Action Dismissed Against Salomon Smith Barney
New York Law Journal
August 14, 2006