I received a stack of envelopes in the mail last week. I almost tossed the papers since they looked sort of like junk mail. Apparently we’re involved in a class action mutual fund settlement, but is it a scam? Honestly, that was the first thing that crossed my mind.
Good thing I didn’t toss the papers! The mutual funds were involved in market-timing and late trading in what was called the 2003 mutual fund scandal. I remember the scandal vaguely in the news, but at the time I didn’t realize we were affected by it since we were busy with our wedding at the time.
Mutual Fund Settlement
The court papers I received directed me to the mutual fund settlement website where it lists all of the mutual funds involved.
They mutual funds involved are:
- Alger
- AllianceBernstein
- Allianz
- Bank of America/Nations
- Columbia
- Federated
- Invesco
- Janus
- MFS
- One Group/Bank One
- Pilgrim Baxter (PBHG)
- Putnam
- RS
- Schwab/Excelsior
- Deutschebank/Scudder
- Strong
How to Get Your Mutual Fund Settlement Money
Here’s what you need to know about submitting a claim:
Mutual Fund Settlement Period: The time periods are different for each fund, but go as far back as October 1, 1998 through September 30, 2003.
Deadline to submit your claim: December 8, 2010.
Mutual Fund Settlement Process: If you got a notice in the mail, you can go to the website listed and file your claim form with the claimant number. If you didn’t get a form in the mail, you can still submit a claim directly on the website.
You will need to identify how many shares you held of each mutual fund at the end of each of the years involved. This is where I’m relieved that I have more than a decade of transactions in Microsoft Money. I can put together a report very quickly before I begin the tedious process of digging out all the statements.
Our Mutual Fund Settlements
Late last year we received a check from a Invesco mutual fund settlement, but I didn’t think much of it. Now that I’m looking into it, I realize we have a lot of affected mutual funds. Many of them are because our home state 529 plan was run by Strong.
But some of the mutual fund settlement times go back to when I was still in college. I was just learning about index fund investing, so I had money in many actively traded mutual funds included a handful on the list!
I guess I know what I will be working on for the next few weeks…
Time to check your investment histories! Are you involved in any of the mutual fund settlements?
I have gotten a couple. One for Strong and one for Janus. For Strong, no need to do anything from my side but for Janus, have to fill out forms and document # of shares. I use Quicken so it was easy to pull up and get the information. Will need to mail it in for them.
Wayne, do you still hold the Strong funds?
These class action lawsuits are kind of ridiculous. I was involved in one against Bally Total Fitness at one point and got a check eventually for $5 or something.
Although I’m guessing in the case of mutual funds, it will be based on how many shares you held. We’ve already gotten much more than $5 from Invesco.
I got one from MFS for 1999 to 2003. Problem is that I do not know have my statements that far back. Any ideas on how to get them?
Call the fund company and ask them to mail you the necessary papers.
And if that doesn’t work, I’m hoping you might be able to piece together what you held from your tax returns. Check your tax folders for your year end statements that you used for Schedule D’s if they were taxable accounts.
I have not been able to access the Janus fund settlement form website. All of the others are easily accessed. Anyone have any suggestions or having the same problem?
Here’s a direct link to the Janus claim form.
Still having problems accessing the Janus fund Settlement Website; Tried using the direct link but it did not work. Any other suggestions?
I did receive a letter about the Janus settlement several weeks ago. They said because my claim amount that I was entitled to was under $50, there would be no check. The only folks that are making out here are the greedy lawyers once again.
Really Mark?
I would think they could use that statement if the claim was less than $1: costs more to mail than the check is worth…. but less than $50?
That doesn’t sound fair!
Thats what the settlement docs for Janus Funds states. Why that is, not sure. Example – my total compensation could have been hundreds of dollars but after the dreaded fees my amount comes to $49. No check for me. You win some you lose some and not much to lose sleep over.
It is a pain to find these records. I only owned about $10K dollars worth of the fund. What order of magnitude should I be expected to get back? If it’s less than $100 it’s not worth my time.
Daniel, I haven’t been able to find the documentation that says how much we’ll get for each mutual fund settlement after fees.
Are we jumping through hoops for pennies? I hope not, but this seems to keep falling lower on my priority list.
i received papers with my claimant #s because i had shares when i worked for deans foods and accidently tossed them out. i don’t have all my papers that show my shares for 1999 thru 2003. we called the MFS and they told us the company i worked for had already filed. what should we do?
I received a paper from you about a MFS claim. I lost the paper while relocating, and I just found it. Is it to late to make A claim, if so how can I find out my share total.
It is 4/11/2011 – Any word on the Janus fund
litigation settlement? They really keep you in the dark on this one.
I mailed in a completed claim form for the the settlement on the MFS Emerging Growth Fund and as of 06/27/2011 I have not received any money. The close date on submissions was 12/08/2010 and it seems a very lengthy delay.. So has anyone received any checks for settlement for the Emerging Growth Fund??
It seems with no one really to be able to contact that this is really in the dark. Almost like one would possibly need a litigation about the payments of the original litigation !!! What if we never receive a payment ? What do we do?
i heard back from them..they are expecting a dispersement in the fall..they responded next day
Thank you for this info. I was feeling in the dark like Mickie. Figured much of the settlement would be eaten up by legal fees and court costs, but just curious since there was no news yet.
It’s “fall” … no news
Mickie, I had many shares in many funds, including Emerging Growth. Got all paperwork in on time and have since moved. Contacted them and confirmed my new address with them and I still have heard nothing regarding any payouts.
the shares were my parents and my sister and I have recently taken over after my parents death. How do i find out what is going on? i tried calling the number on the notice i recieved and it was only a recording. Is this worth investigating
no news
I haven’t heard anything either. This is getting ridiculous…. we’re coming up on the one year mark since submitting our information.
I’m starting to wonder if we’ll ever get some sort of update…
It is December 2, 2011. Haven’t gotten a check.
Has anyone received a check?
No check for my MFS funds yet! Wish it would come soon.
No……. I lost somewhere in the range of 250,000 in that time period. I cant believe I didn’t have enough shares invested as to not get any back. I understand the legal fees and all, just wish they’d let us know one way or another IF we will receive a settlement. If we didn’t have enough shares to bother with—–then they should also inform us of that. IT WAS OUR MONEY–NOT MFS’s money! This is an outrage not to hear anything at all.
MFS can smooch my hiney … rip off artists and should be a criminal case…along with a settlement for all who invvested with them.