Strigliabotti

Strigliabotti v. Franklin Resources, Inc.

Good Law

398 F. Supp. 2d 1094·2005 WL 3008901·2005 U.S. Dist. LEXIS 28410

United States District Court, Northern District of CaliforniaNovember 9, 2005C 04-00883 SICalifornia3,751 words

Opinion

Illston, J.

ORDER PARTIALLY GRANTING AND PARTIALLY DENYING DEFENDANTS’ MOTION FOR JUDGMENT ON THE PLEADINGS

On November 4, 2005, the Court heard oral argument on defendants’ motion to dismiss, which was re-noticed as a motion for judgment on the pleadings pursuant to Federal Rule of Civil Procedure 12(c). After careful consideration of the arguments of counsel and the papers submitted, the Court hereby GRANTS defendant’s motion to the extent it seeks dismissal of defendant Franklin Templeton Services with respect to plaintiffs’ claims under Section 36(b) of the Investment Company Act, and DENIES the remainder of defendant’s motion.

BACKGROUND

1. Factual background

This action is brought by shareholders of several mutual funds (“Funds”) created, sold, advised, and managed as part of the Franklin Templeton fund family (“the Fund Complex”). Specifically, the Funds are Templeton Growth Fund, Franklin Balance Sheet Investment Fund, Franklin Flex Cap Growth Fund, Franklin Income Fund, Franklin Small-Mid Cap - Growth Fund, Franklin Biotechnology Discovery Fund, MutualShares Fund, and Franklin Utilities Fund. Third Am. Compl. (“Compl.”) at ¶ l. Plaintiffs are nine individuals who bring suit both…

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