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.

After hearing more than three hours of oral arguments, Southern District of New York Judge Paul A. Crotty, In re Salomon Smith Barney Mutual Fund Fees Litigation, 04-civ-4055, held that the plaintiffs could not proceed in their assertion of wrongdoing.

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