SOURCE: Stull, Stull & Brody

April 09, 2006 16:29 ET

Stull, Stull & Brody Announces Class Action Against American International Group, Inc. on Behalf of Purchasers of AIM Mutual Funds

NEW YORK, NY -- (MARKET WIRE) -- April 9, 2006 -- Notice is hereby given that a class action lawsuit was filed on April 7, 2006 in the United States District Court for the Eastern District of New York against American International Group, Inc. and certain of its affiliates, on behalf of those who purchased AIM mutual funds from the AIG Advisor Group (as defined below) during the period between June 30, 2000 and June 8, 2005, inclusive (the "Class Period").

During the Class Period, the AIG Advisor Group consisted of the following broker-dealers: Royal Alliance, Inc., SunAmerica Securities, Inc., FSC Securities Corp., Sentra Securities Corporation, Spelman & Co., Inc., and Advantage Capital Corp.

If you purchased AIM mutual funds or any funds participating in the AIG Advisor Group revenue sharing programs ("Shelf-Space Funds," as defined below) through an AIG Advisor Group broker-dealer between June 30, 2000 and June 8, 2005, inclusive, and sustained damages, you may, no later than June 6, 2006, file a motion with the Court requesting to be appointed as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member is most capable of adequately representing the interests of the other class members. Under certain circumstances, more than one class member may serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

The AIM mutual funds and their respective symbols are as follows:

AIM Advantage Health Sci (NASDAQ: IAGHX) (NASDAQ: IGHBX) (NASDAQ: IGHCX)
AIM Aggressive Growth (NASDAQ: AAGFX) (NASDAQ: AAGBX) (NASDAQ: AAGCX)
(NASDAQ: AAGVX) (NASDAQ: ARRGX)
AIM Asia Pacific Growth (NASDAQ: ASIAX) (NASDAQ: ASIBX) (NASDAQ: ASICX)
AIM Basic Balanced (NASDAQ: BBLAX) (NASDAQ: BBLBX) (NASDAQ: BBLCX)
(NASDAQ: BBLIX) (NASDAQ: BBLTX) (NASDAQ: BBLRX)
AIM Basic Value (NASDAQ: GTVLX) (NASDAQ: GTVBX) (NASDAQ: GTVCX)
(NASDAQ: GTVVX) (NASDAQ: GTVRX)
AIM Blue Chip (NASDAQ: ABCAX) (NASDAQ: ABCBX) (NASDAQ: ABCCX)
(NASDAQ: ABCVX) (NASDAQ: BCIVX) (NASDAQ: ABCRX)
AIM Capital Development (NASDAQ: ACDAX) (NASDAQ: ACDBX) (NASDAQ: ACDCX)
(NASDAQ: ACDVX) (NASDAQ: ACDIX) (NASDAQ: ACDRX)
AIM Charter (NASDAQ: CHTRX) (NASDAQ: BCHTX) (NASDAQ: CHTCX) (NASDAQ: CHTVX)
(NASDAQ: CHRRX)
AIM Conservative Allocation (NASDAQ: ACNAX) (NASDAQ: ACNBX) (NASDAQ: ACNCX)
(NASDAQ: ACNIX) (NASDAQ: ACNRX)
AIM Constellation (NASDAQ: CSTGX) (NASDAQ: CSTBX) (NASDAQ: CSTCX)
(NASDAQ: CSITX) (NASDAQ: CSTRX)
AIM Developing Markets (NASDAQ: GTDDX) (NASDAQ: GTDBX) (NASDAQ: GTDCX)
AIM Diversified Dividend Fund (NASDAQ: LCEAX) (NASDAQ: LCEDX)
(NASDAQ: LCEVX) (NASDAQ: LCEIX)
AIM Dynamics (NASDAQ: IDYAX) (NASDAQ: IDYBX) (NASDAQ: IFDCX)
(NASDAQ: IDICX) (NASDAQ: FIDYX) (NASDAQ: IDYKX)
AIM Energy (NASDAQ: IENAX) (NASDAQ: IENBX) (NASDAQ: IEFCX) (NASDAQ: FSTEX)
(NASDAQ: IENKX)
AIM European Growth (NASDAQ: AEDAX) (NASDAQ: AEDBX) (NASDAQ: AEDCX)
(NASDAQ: EGINX) (NASDAQ: AEDRX)
AIM European Small Company (NASDAQ: ESMAX) (NASDAQ: ESMBX) (NASDAQ: ESMCX)
AIM Financial Services (NASDAQ: IFSAX) (NASDAQ: IFSBX) (NASDAQ: IFSCX)
(NASDAQ: FSFSX) (NASDAQ: FSFKX)
AIM Floating Rate (NASDAQ: XAFRX) (NASDAQ: XFRCX)
AIM Global Aggressive Growth (NASDAQ: AGAAX) (NASDAQ: AGABX)
(NASDAQ: AGACX)
AIM Global Equity (NASDAQ: GTNDX) (NASDAQ: GNDBX) (NASDAQ: GNDCX)
(NASDAQ: GNDIX)
AIM Global Growth (NASDAQ: AGGAX) (NASDAQ: AGGBX) (NASDAQ: AGGCX)
AIM Global Health Care (NASDAQ: GGHCX) (NASDAQ: GTHBX) (NASDAQ: GTHCX)
(NASDAQ: GTHIX)
AIM Global Real Estate (NASDAQ: AGREX) (NASDAQ: BGREX) (NASDAQ: CGREX)
(NASDAQ: IGREX) (NASDAQ: RGREX)
AIM Global Value (NASDAQ: AWSAX) (NASDAQ: AWSBX) (NASDAQ: AWSCX)
AIM Gold & Precious Metals (NASDAQ: IGDAX) (NASDAQ: IGDBX) (NASDAQ: IGDCX)
(NASDAQ: FGLDX)
AIM Growth Allocation (NASDAQ: AADAX) (NASDAQ: AAEBX) (NASDAQ: AADCX)
(NASDAQ: AADIX) (NASDAQ: AADRX)
AIM High Income Municipal Bond (NASDAQ: AHMAX) (NASDAQ: AHMBX)
(NASDAQ: AHMCX)
AIM High-Yield (NASDAQ: AMHYX) (NASDAQ: AHYBX) (NASDAQ: AHYCX)
(NASDAQ: AHIYX) (NASDAQ: HYINX)
AIM Income (NASDAQ: AMIFX) (NASDAQ: ABIFX) (NASDAQ: ACIFX) (NASDAQ: AIIVX)
(NASDAQ: AMIRX)
AIM Intermediate Government (NASDAQ: AGOVX) (NASDAQ: AGVBX) (NASDAQ: AGVCX)
(NASDAQ: AGOIX) (NASDAQ: AGIVX) (NASDAQ: AGVRX)
AIM International Growth (NASDAQ: AIIEX) (NASDAQ: AIEBX) (NASDAQ: AIECX)
(NASDAQ: AIEVX) (NASDAQ: AIERX)
AIM International Small Company (NASDAQ: IEGAX) (NASDAQ: IEGBX)
(NASDAQ: IEGCX)
AIM Intl Core Equity (NASDAQ: IBVAX) (NASDAQ: IBVBX) (NASDAQ: IBVCX)
(NASDAQ: IBVIX) (NASDAQ: IIBCX) (NASDAQ: IIBRX)
AIM Large Cap Basic Value (NASDAQ: LCBAX) (NASDAQ: LCBBX) (NASDAQ: LCBCX)
(NASDAQ: LCBIX) (NASDAQ: LCINX) (NASDAQ: LCBRX)
AIM Large Cap Growth (NASDAQ: LCGAX) (NASDAQ: LCGBX) (NASDAQ: LCGCX)
(NASDAQ: LCIGX) (NASDAQ: LCGIX) (NASDAQ: LCRGX)
AIM Leisure (NASDAQ: ILSAX) (NASDAQ: ILSBX) (NASDAQ: IVLCX) (NASDAQ: FLISX)
(NASDAQ: ILEKX)
AIM Limited Maturity Treasury (NASDAQ: SHTIX) (NASDAQ: LMTAX)
(NASDAQ: ALMIX)
AIM Mid Cap Basic Value (NASDAQ: MDCAX) (NASDAQ: MDCBX) (NASDAQ: MDCVX)
(NASDAQ: MDICX) (NASDAQ: MDCRX)
AIM Mid Cap Core Equity (NASDAQ: GTAGX) (NASDAQ: GTABX) (NASDAQ: GTACX)
(NASDAQ: GTAVX) (NASDAQ: GTARX)
AIM Mid Cap Growth (NASDAQ: AMCAX) (NASDAQ: AMCBX) (NASDAQ: AMCVX)
(NASDAQ: AMIGX) (NASDAQ: AMGRX)
AIM Moderate Allocation (NASDAQ: AMKAX) (NASDAQ: AMKBX) (NASDAQ: AMKCX)
(NASDAQ: AMLIX) (NASDAQ: AMKRX)
AIM Moderate Growth Allocation (NASDAQ: AAMGX) (NASDAQ: AMBGX)
(NASDAQ: ACMGX) (NASDAQ: AIMGX) (NASDAQ: RAMGX)
AIM Moderately Conservative Alloc (NASDAQ: CAAMX) (NASDAQ: CMBAX)
(NASDAQ: CACMX) (NASDAQ: CMAIX) (NASDAQ: CMARX)
AIM Multi-Sector (NASDAQ: IAMSX) (NASDAQ: IBMSX) (NASDAQ: ICMSX)
(NASDAQ: IIMSX)
AIM Municipal Bond (NASDAQ: AMBDX) (NASDAQ: AMBBX) (NASDAQ: AMBCX)
(NASDAQ: AMBIX)
AIM Opportunities I (NASDAQ: ASCOX) (NASDAQ: SCPBX) (NASDAQ: SCOCX)
AIM Opportunities II (NASDAQ: AMCOX) (NASDAQ: MCOVX) (NASDAQ: MCODX)
AIM Opportunities III (NASDAQ: LCPAX) (NASDAQ: LCPBX) (NASDAQ: LCPCX)
AIM Premier Equity (NASDAQ: AVLFX) (NASDAQ: AVLBX) (NASDAQ: AVLCX)
(NASDAQ: AVLVX) (NASDAQ: AVLRX)
AIM Real Estate (NASDAQ: IARAX) (NASDAQ: AARBX) (NASDAQ: IARCX)
(NASDAQ: IARIX) (NASDAQ: REINX) (NASDAQ: IARRX)
AIM S&P 500 Index (NASDAQ: ISIIX) (NASDAQ: ISPIX)
AIM Select Equity (NASDAQ: AGWFX) (NASDAQ: AGWBX) (NASDAQ: AGWCX)
AIM Short Term Bond (NASDAQ: STBAX) (NASDAQ: STBCX) (NASDAQ: ISTBX)
(NASDAQ: STBRX)
AIM Small Cap Equity (NASDAQ: SMEAX) (NASDAQ: SMEBX) (NASDAQ: SMECX)
(NASDAQ: SMEIX) (NASDAQ: SMERX)
AIM Small Cap Growth (NASDAQ: GTSAX) (NASDAQ: GTSBX) (NASDAQ: GTSDX)
(NASDAQ: GTSVX) (NASDAQ: GTSRX)
AIM Small Company Growth (NASDAQ: ISGAX) (NASDAQ: ISGBX) (NASDAQ: ISGCX)
(NASDAQ: FIEGX) (NASDAQ: ISCKX)
AIM Summit (NASDAQ: SMMIX)
AIM Tax-Free Intermediate (NASDAQ: AITFX) (NASDAQ: ATFAX) (NASDAQ: ATFIX)
AIM Technology (NASDAQ: ITYAX) (NASDAQ: ITYBX) (NASDAQ: ITHCX)
(NASDAQ: FTPIX) (NASDAQ: FTCHX) (NASDAQ: ITHKX)
AIM Total Return Bond (NASDAQ: TBRAX) (NASDAQ: TBRDX) (NASDAQ: TBRCX)
(NASDAQ: TBRIX) (NASDAQ: TBRRX)
AIM Trimark (NASDAQ: ATKAX) (NASDAQ: ATKBX) (NASDAQ: ATKCX) (NASDAQ: ATKIX)
(NASDAQ: ATKRX)
AIM Trimark Endeavor (NASDAQ: ATDAX) (NASDAQ: ATDBX) (NASDAQ: ATDCX)
(NASDAQ: ATDIX) (NASDAQ: ATDRX)
AIM Trimark Small Companies (NASDAQ: ATIAX) (NASDAQ: ATIBX) (NASDAQ: ATICX)
(NASDAQ: ATIIX) (NASDAQ: ATIRX)
AIM Utilities (NASDAQ: IAUTX) (NASDAQ: IBUTX) (NASDAQ: IUTCX)
(NASDAQ: FSTUX)
AIM Weingarten (NASDAQ: WEINX) (NASDAQ: BWEIX) (NASDAQ: CWEIX)
(NASDAQ: IWEIX) (NASDAQ: RWEIX)
The Shelf-Space Funds include the following mutual fund families: AIG SunAmerica, AIM, AllianceBernstein, American, American Skandia, Columbia, Fidelity, Franklin Templeton, Hartford, John Hancock, MFS, NationsFunds, Pacific Life, Pioneer, Putnam, Oppenheimer, Scudder, Van Kampen, and WM.

This action is pending in the United States District Court for the Eastern District of New York against defendant American International Group, Inc. and certain of its affiliated entities. The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push AIG Advisor Group sales personnel to steer clients into purchasing Shelf-Space Funds that provided financial incentives and rewards to the AIG Advisor Group and its personnel based on holdings and/or sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds, even though such investments were not in the clients' best interest. The AIG Advisor Group's failure to adequately disclose the incentives constituted violations of federal securities laws.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact James Lahm, Esq. at the offices of Stull, Stull & Brody.

Contact Information