Trust Updates Archive

Conversion Litigation
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Parsky Settlement Hearing

Parties in the proprietary mutual fund conversion class action Parsky v. Wachovia (formerly First Union) have reached a tentative settlement of $23 million. A hearing on the settlement is scheduled for October 24.

Parsky was filed February 10, 2000 and focused on whether the bank's conversion "consent and disclosure letter" established a contract between the bank and account powerholders.

For more details see the October issue of Trust Regulatory News.
(TRN is published at the end of the month.)

-- Copyright 2003 A.M. Publishing, Inc., Trust Regulatory News

No statement in this issue is offered as or should
be construed as legal opinion or advice, nor is any
statement or data intended as or should be construed
as an indicator of future performance.

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For more information see the October
issue of Trust Regulatory News
or call Bernard Garbo at 800-404-2116
or e-mail him at bgarbo@trustupdates.com.

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