In re Franklin/Templeton Market Timing Litigation
Wolf Popper is currently lead counsel in In re Franklin/Templeton Market Timing Litig., Case No. 04-MD-15862 (D. Md.), representing the Deferred Compensation Fund 457 Plan of Nassau County NY (a large pension plan representing the retirement funds of the municipal employees of one of the most populous counties in the country) in a class action case filed against the Franklin/Templeton Mutual Funds. In this widespread litigation affecting much of the mutual fund industry, asserting claims under the PSLRA, the Investment Company Act, and the common law, defendants are implicated in a scheme in which they allegedly permitted unlawful market timing by preferred clients, negatively impacting long-term investors in the funds. In addition to being appointed as Lead Counsel in the Franklin/Templeton and Allianz Dresdner vertical tracks of the mutual fund litigation, Wolf Popper was named as one of several law firms on the horizontal steering committee, coordinating actions among more than 15 mutual fund litigations. Defendants' motions to dismiss were denied in significant part. The parties' respective summary judgment motions are pending.