Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Now Harvard Sues Franklin Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 10, 2003

Now Harvard Sues Franklin

by: Sean Hanna, Editor in Chief

Harvard University is fighting back against Templeton Asset Management with a suit of its own. The action is a counterclaim to a lawsuit filed Templeton recently filed against Harvard last week. That suit claimed Harvard published misleading proxy statements and purchased shares in two closed end funds without disclosing its plans.

The fight is over how to best run the closed end China World and Dragon closed-end funds. Harvard believes that the funds should be open-ended and Franklin fired as advisor to eliminate the steep discount in the price of the funds' shares. Templeton, meanwhile, wants to keep the status quo.

The battle came to a head after Harvard Management Company purchased 30 percent and 14 percent of the funds respectively and launched a proxy fight over the issue. Franklin's intent in filing the suit is to block Harvard from being able to vote the shares it acquired without "proper" disclosure.

Harvard, on the other hand, claims it did nothing wrong and that Franklin is fighting to protect its own fee revenue as advisor to the funds.

The shareholders will have the ultimate say on the matter at the funds' annual meeting in March.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use