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KALISH v. FRANKLIN ADVISERS, INC.

No. 87 Civ. 6919 (CSH).

742 F.Supp. 1222 (1990)

Lucyle KALISH and Sol Joseph Kamen, Plaintiffs, v. FRANKLIN ADVISERS, INC., Franklin Distributors, Inc., Franklin Administrative Services, Inc., Franklin Resources, Inc., and Franklin Custodian Funds, Inc. (U.S. Government Securities Series), Defendants.

United States District Court, S.D. New York.

July 24, 1990.

Attorney(s) appearing for the Case

Milberg Weiss Bershad Specthrie & Lerach (Richard M. Meyer, of counsel), New York City, for plaintiffs.

Pollack & Kaminsky (Daniel A. Pollack, Martin A. Kaminsky, W. Hans Kobelt, of counsel), New York City, for Franklin Advisers, Inc., Franklin Distributors, Inc., Franklin Administrative Services, Inc. and Franklin Resources, Inc.

Carro, Spanbock, Kastor & Cuiffo (Brian E. Lorenz, of counsel), New York City, for defendant Franklin Custodian Funds, Inc. (U.S. Government Securities Series).

MEMORANDUM OPINION AND ORDER

HAIGHT, District Judge:

Plaintiffs Lucyle Kalish and Sol Joseph Kamen brought this derivative action on behalf of defendant Franklin Custodian Funds, Inc. (U.S. Government Securities Series) (the "Fund") under the Investment Company Act of 1940, as amended, 15 U.S.C. § 80a-1 et seq. (the "Act"), to recoup allegedly excessive advisory fees paid by the Fund to its investment adviser.

Franklin Custodian Funds...

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