IN RE MUTUAL FUNDS INV. LITIGATION

No. MDL-1586. Civ. No. 04-MD-15863.

384 F.Supp.2d 845 (2005)

In re MUTUAL FUNDS INVESTMENT LITIGATION. (In re Janus SUBTRACK).

United States District Court, D. Maryland.

August 25, 2005.


Attorney(s) appearing for the Case

Christopher S. Hinton, Demet Basar, Mark Carl Rifkin, Wolf Haldenstein Adler Freeman and Herz LLP, Alice McInerney, Kirby McInerney and Squire, Chet Barry Waldman, Wolf Popper LLP, Christine Marie Fox, Kaplan Fox LLP, Daniel P. Chiplock, Elizabeth H. Cronise, Robert Gerard Eisler, Steven E. Fineman, Lieff Cabraser Heimann and Bernstein LLP, David J. Bershad, Deborah Clark Weintraub, Kim E. Levy, Peter Edwards Seidman, Sr., Milberg Weiss Bershad and Schulman LLP, H. Adam Prussin, Ronen Sarraf, Stanley M. Grossman, Pomerantz Haudek Block Grossman and Gross LLP, Ira Michael Press, Jeffrey Harold Squire, Kirby McInerney and Squire LLP, John Erik Sandstedt, Joseph Fonti, Max W. Berger, Bernstein Litowitz Berger and Grossman LLP, Joel B. Strauss, Kaplan Fox and Kilsheimer LLP, John Halebian, Lovell Stewart Halebian LLP, Klari Neuwelt, Law Office of Klari Neuwelt, Robert Ira Harwood, Wechsler Harwood LLP, New York, NY, David James Schaffer, Ray Thompson Hillis, Titus Hillis and Reynolds PC, Tulsa, OK, Heather Marla Tashman, Schiffrin and Barroway LLP, Radnor, PA, Alan Schulman, Jerald Bien Willner, Robert S. Gans, Timothy Alan DeLange, Bernstein Litowitz Berger and Grossmann LLP, Debra Jean Wyman, Henry Rosen, Thomas Edmond Glynn, Lerach Coughlin Stoia Geller Rudman and Robbins LLP, San Diego, CA, Andrew Steven Friedman, Bonnett Fairbourn Friedman and Balint PC, Phoenix, AZ, Barbara Z. Blumenthal, Julie McCurdy Williamson, Hoffman Reilly Pozner and Williamson, Joseph J. Zonies, Kritzer Zonies LLC, Denver, CO, Brian Barry, Law Office of Brian Barry, Los Angeles, CA, Bruce L. Simon, Cotchett Pitre Simon and McCarthy, Burlingame, CA, Carol Valerie Gilden, Conor R. Crowley, Much Shelist Freed Denenberg Ament Bell and Rubenstein, George A. Zelcs, Korein Tillery, Chicago, IL, Denise Davis Schwartzman, Nicholas E. Chimicles, Timothy Newlyn Mathews, Chimicles and Tikellis LLP, Haverford, PA, Eric Lawrence Zagar, Schiffrin and Barroway LLP, Bala Cynwyd, PA, Gary B. O'Connor, James E. Hartley, Jr., Drubner Hartley and O'Connor LLC, Waterbury, CT, Gregg M. Fishbein, Karen Hanson Riebel, Richard A. Lockridge, Lockridge Grindal Nauen, Minneapolis, MN, Henry A. Cirillo, The Furth Firm LLP, John Kevin Grant, Lerach Coughlin Stoia and Robbins LLP, Richard M. Heimann, Lieff Cabraser Heimann and Bernstein, San Francisco, CA, John Bucher Isbister, William C. Sammons, Tydings and Rosenberg LLP, Marshall N. Perkins, Charles J. Piven PA, Baltimore, MD, Karen L. Morris, Morris and Morris LLC Counselors at Law, Wilmington, DE, Mark C. Molumphy, Cotchett Pitre Simon and McCarthy, Burlingame, CA, William F. Sheehan, Goodwin Procter LLP, Washington, DC, Jeffrey S. Kruske, Law Office of Jeffrey S. Kruske, Overland Park, KS, Robert L. King, Swedlow and King, St. Louis, MO, for Plaintiffs.

David Stanley Frankel, Gary Philip Naftalis, Stephen M. Sinaiko, Kramer Levin Naftalis and Frankel LLP, Arthur S. Linker, Robert W. Gottlieb, Katten Muchin Zavis Rosenman, Breon S. Peace, Kenneth M. Kramer, Shearman and Sterling LLP, Lewis J. Liman, Thomas J. Moloney, Neil P. Forrest, Cleary Gottlieb Steen and Hamilton, Daniel J. Kramer, Julian Walter Friedman, Maureen Nakly, Stillman and Friedman PC, Liza Velazquez, Richard A. Rosen, Paul Weiss Rifkind Wharton and Garrison LLP, Daniel A. Pollack, Pollack and Kaminsky, James V. Parravani, Dorsey and Whitney LLP, John Charles Ertman, Ropes and Gray LLP, Martin JE Arms, Michael S. Winograd, Paul K. Rowe, Sarah Fern Meil, Stephen R. DiPrima, Wachtell Lipton Rosen and Katz, Peter Matthew Collins, Hollyer Brady Smith and Hines LLP, Robert Hardy Pees, Akin Gump Strauss Hauer and Feld LLP, Seth M. Schwartz, Skadden Arps Slate Meagher and Flom LLP, Stephen W. Greiner, Jeanne M. Luboja, Willkie Farr and Gallagher LLP, Stewart D. Aaron, Arnold and Porter LLP, Andrew William Goldwater, Friedman Kaplan Seiler and Adelman, Steven Getzoff, Lester Schwab Katz and Dwyer, Jeffrey Plotkin, Pitney Hardin, LLP, Francis Patrick Barron, Stephen Stewart Madsen, Cravath Swaine and Moore LLP, David A. Stein, Luboja and Thau LLP, Jason Todd Mogel, Richards Spears Kibbe and Orbe LLP, Jeffrey T. Golenbock, Shawn Preston Ricardo, Golenbock Eiseman Assor Bell and Peskoe LLP, David W. Haller, Michael J. Naft, Stacy Leigh Bogert, Covington and Burling, Leon Baer Borstein, Borstein and Sheinbaum, Jonathan D. Thier, Laura Fraher, Thomas J. Kavaler, Cahill Gordon and Reindel LLP, James Edward Murray, James Irving McClammy, Davis Polk and Wardwell, Stephanie Glaser Wheeler, Jeffrey James Chapman, Sullivan and Cromwell LLP, Charles Evan Stewart, Hillel I. Parness, Jennifer Delia Sawyer, Joseph William Muccia, Brown Raysman Millstein Felder and Steiner LLP, Marisa Ann Godwin, Robert A. Giacovas, Lazare Potter Giacovas and Kranjac LLP, Andrew John Schell, John Joseph Tigue, Lawrence Sandford Bader, Morvillo Abramowitz Grand Iason and Silberberg PC, Andrew D. Kaizer, Charles E. Davidow, Eleni M. Roumel, Charles Collier Platt, Shoshana Leah Gillers, Eric Jon Mogilnicki, Wilmer Cutler Pickering Hale and Dorr LLP, John Michael Vassos, Todd Daniel Brody, Christopher P. Hall, Morgan Lewis and Bockius LLP, Stephen Louis Ascher, Maxine Gail Sleeper, Kronich Lieb Weiner and Hellman LLP, Bruce Harvey Schneider, Stroock Stroock and Lavan LLP, New York, NY, David A. Jones, Joseph Lee Sorkin, Akin Gump Strauss Hauer and Feld LLP, San Antonio, TX, Mark Allen Rabinowitz, Neal Gerber and Eisenberg LLP, Christopher MacNeil Murphy, John Patrick Killacky, Joseph Gerald Fisher, Steven Samuel Scholes, McDermott Will and Emery, Daniel Joseph Hayes, John William Rotunno, Kenneth E. Rechtoris, Todd E. Pentecost, Bell Boyd and Lloyd LLC, Scott W. Fowkes, Stacey Garbis Pagonis, Kirkland and Ellis LLP, David E. Koropp, John J. Tully, Robert Y. Sperling, Winston and Strawn LLP, William Paul Ziegelmueller, Stetler and Duffy Ltd, Lee Price Garner, Skadden Arps Slate Meagher and Flom LLP, Margaret J. Schneider, Mayer Brown Rowe and Maw, Thomas K. Cauley, Jr., Brendan J. Gardiner, Sidley Austin Brown and Wood LLP, Chicago, IL, Matthew P. Eastus, O'Melveny and Myers LLP, Eric Robert Maier, James Patrick Clark, Gibson Dunn and Crutcher LLP, Peter W. Devereaux, Latham and Watkins LLP, David Speer Richman, Stephan Oringher Richman and Theodora, Los Angeles, CA, Andrew Santo Tulumello, Mark A. Perry, Gibson Dunn and Crutcher LLP, Philip S. Khinda, Thomas Blaisdell Smith, Ropes and Gray LLP, Robert N. Eccles, O'Melveny and Myers LLP, Michael R Bromwich, Fried Frank Harris Shriver and Jacobson LLP, Shanda Nicole Hastings, Glenn R Reichardt, Stephen Gregory Topetzes, Alicia Lea Lewis, Kirkpatrick and Lockhart Nicholson Graham LLP, David W. T. Daniels, Richards Spears Kibbe and Orbe LLP, David C. Mahaffey, Sullivan and Worcester LLP, Alec W. Farr, Bryan Cave LLP, Mark James Biros, Lee K. Crawford, Proskauer Rose LLP, Phillip E. Stano, Sheila J. Carpenter, Jorden Burt LLP, Michael John Wilson, Morgan Lewis and Bockius LLP, Washington, DC, David Clarke, Jr., DLA Piper Rudnick Gray Cary US LLP, Reston, VA, David Adam Kotler, Dechert LLP, Princeton, NJ, David M. Ryan, George J. Skelly, Nixon Peabody LLP, Jeffrey B. Rudman, Jonathan A. Shapiro, William H. Paine, Hale and Dorr LLP, Jessica C. Lowney, Sarah Barbara Herlihy, Mintz Levin Cohn Ferris Glovsky and Popeo PC, Michael T. Marcucci, John D. Donovan, Jr., Ropes and Gray LLP, John A. D. Gilmore, Kirsten M. Nelson, Piper Rudnick LLP, Matthew A. Stowe, Wilmer Cutler Pickering Hale and Dorr LLP, Breton Leone Quick, Peter Michael Saparoff, Mintz Levin Cohn Ferris Glovsky and Popeo PC, Laura Steinberg, Sullivan and Worcester LLP, James C. Rehnquist, Abigail K. Hemani, Goodwin Procter LLP, Alexis L. Shapiro, John J. Falvey, Jr., Goodwin Procter LLP, Bruce S. Barnett, DLA Piper Rudnick Gray Cary US LLP, John Francis Farraher, Jr., Peter M. Casey, Greenberg Traurig LLP, John T. Bennett, Michael Thomas Gass, Palmer and Dodge LLP, Adam B. Ziegler, Goodwin Procter LLP, Steven N. Fuller, Nixon Peabody LLP, Jessica V. Barnett, Kristopher Neil Austin, Lisa Wood, Nicholas C. Theodorou, Foley Hoag LLP, John Christian Blessington, Joshua Carr Rowland, Kirkpatrick and Lockhart LLP, John Miller, Kurt S. Kusiak, Sally and Fitch LLP, Adam L. Sisitsky, Mintz Levin Cohn Ferris Glovsky and Popeo PC, Frances S. Cohen, Michael S. Shin, Dechert LLP, Marjorie Sommer Cooke, Cooke Clancy and Gruenthal LLP, Gus P. Coldebella, Goodwin Procter LLP, Mark W. Pearlstein, Amanda J. Metts, McDermott Will and Emery LLP, Brien T.O'Connor, Giselle J. Joffre, Ropes and Gray LLP, Brian E Pastuszenski, Goodwin Procter LLP, Boston, MA, James D. Mathias, Strider Dickson, DLA Piper Rudnick Gray Cary US LLP, Kevin Francis Arthur, Kramon and Graham PA, Nichole Michele Galvin, Price O'Gielen, Nathan Daniel Adler, Neuberger Quinn Gielen Rubin and Gibber, Joseph M. Clark, Gallagher Evelius & Jones LLP, Baltimore, MD, Thomas Lee Allen, Efrem M. Grail, James John Restivo, Jayme L. Butcher, Reed Smith LLP, Pittsburgh, PA, Michael M. Krauss, Faegre and Benson LLP, J. David Jackson, Kristina L. Carlson, Dorsey and Whitney LLP, Minneapolis, MN, Frank Kaplan, Kevin Bruce Martin, Roland Tellis, Alschuler Grossman Stein and Kahan LLP, Santa Monica, CA, Mark J. Astarita, Beam and Astarita LLC, Bloomfield, NJ, Christine Marie Debevec, Stradley Ronon Stevens and Young LLP, Arthur Newbold, Dechert LLP, Philadelphia, PA, Thomas Kelly Potter, III, Jones Walker Waechter Poitevent Carrere and Denegre LLP, New Orleans, LA, Darryl Paul Rains, Bryan Joseph Wilson, Stephanie Laura Zeller, Morrison and Foerster LLP, Palo Alto, CA, William R. Rapson, Welborn Sullivan Meck and Tooley PC, Denver, CO, Maria Gerarda Macus Bryan, David Robert Overstreet, Kirkpatrick & Lockhart Nicholson Graham LLP, Harrisburg, PA, Kevin B. Bedell, Greenberg Traurig LLP, McLean, VA, William Alexander Despo, Nicholas John DuBois, St. John and Wayne LLC, Newark, NJ, Jennifer Marie Lawson, Peter Marshall Stone, Paul Hastings Janofsky and Walker LLP, Costa Mesa, CA, James E. Burns, Orrick Herrington and Sutcliffe LLP, San Francisco, CA, for Defendants.

Matthew L. Mustokoff, Jonathan D. Polkes, Weil, Gotshal and Manges, LLP, for Canadian Imperial Bank of Commerce.


INVESTOR CLASS OPINION

MOTZ, District Judge.

This MDL proceeding encompasses actions arising from late trading and market timing in the mutual funds industry.1 Class investor actions and derivative actions brought on behalf of affected mutual funds have been filed against three types of defendants: the funds' investment advisers, traders who allegedly engaged in late traded or market...

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