Trust Updates Archive

Conversion Litigation
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

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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

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