IN RE MUT. FUND MARKET-TIMING LITIGATION

Nos. 04-1495, 04-1496, 04-1608, 04-1628, 04-1650, 04-1651, 04-1660, 04-1661, 04-2162, 04-2687, 05-2895, 05-2896, 05-2911, 05-2912, 05-2981, 05-3011, 05-3389, 05-3548 & 05-3585.

468 F.3d 439 (2006)

In the Matter of MUTUAL FUND MARKET-TIMING LITIGATION.

United States Court of Appeals, Seventh Circuit.

Decided October 16, 2006.

As Amended October 23, 2006.


Attorney(s) appearing for the Case

George A. Zelcs, Korein Tillery, Chicago, IL, Robert L. King, Korein Tillery, St. Louis, MO, Sanford Svetcov, Lerach Coughlin Stoia Geller Rudman & Robbins, San Francisco, CA, for Plaintiffs-Appellants.

Rebecca R. Jackson, Bryan Cave, St. Louis, MO, Matthew R. Kipp, Skadden, Arps, Slate, Chicago, IL, Robert H. Shultz, Heyl, Royster, Voelker & Allen, Edwardsville, John W. Rotunno, Bell, Boyd & Lloyd, Chicago, IL, Dale Harris, Davis Graham & Stubbs, Denver, CO, Mark A. Perry, Gibson, Dunn & Crutcher, Washington, DC, Jon A. Santangelo, Stinson, Morrison & Hecker, St. Louis, MO, Meagher & Flom, Kenneth E. Rechtoris, Bell, Boyd & Lloyd, Chicago, IL, Charles F. Smith, Skadden, Arps, Slate, Meagher & Flom, Chicago, IL, Robert Y. Sperling, Winston & Strawn, Chicago, IL, Steven B. Feirson, Dechert, Philadelphia, PA, Gordon R. Broom, Edwardsville, IL, John D. Donovan, Jr., Ropes & Gray, Boston, MA, Ann C. Barron, Bryan Cave, St. Louis, MO, Mark A. Rabinowitz, Neal, Gerber & Eisenberg, Chicago, IL, David E. Foropp, Winston & Strawn, Chicago, IL, Frank N. Gundlach, Armstrong Teasdale, St. Louis, MO, Daniel A. Pollack, Pollack & Kamnisky, New York, NY, John W. Rotunno, Bell, Boyd & Lloyd, Chicago, IL, Thomas B. Smith, Ropes & Gray, Washington, DC, for Defendants-Appellants.

Before EASTERBROOK, RIPPLE, and DIANE P. WOOD, Circuit Judges.


EASTERBROOK, Circuit Judge.

Our opinion in Kircher v. Putnam Funds Trust, 403 F.3d 478 (7th Cir.2005) (Kircher II), explains the nature of these suits against mutual funds. Plaintiffs maintain that the funds are liable because they were vulnerable to arbitrageurs who exploited the fact that, when the mutual funds' shares were priced (at 4 P.M. New York time every business day), the funds valued securities of foreign...

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