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MERINE v. PRUDENTIAL-BACHE UTILITY FUND, INC.

No. 93 Civ. 7065 (PKL).

859 F.Supp. 715 (1994)

Allen MERINE, on Behalf of PRUDENTIAL-BACHE UTILITY FUND, INC., and on Behalf of Himself and Others Similarly Situated, Plaintiff, v. PRUDENTIAL-BACHE UTILITY FUND, INC.; Prudential Mutual Fund Management, Inc.; Prudential Investment Corporation; Prudential-Bache Securities, Inc.; Lawrence C. McQuade, and Michael Downey, Defendants.

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

August 5, 1994.

Attorney(s) appearing for the Case

Wolf Haldenstein Adler Freeman & Herz, New York City, for Allen Merine (Daniel W. Krasner, Jeffrey G. Smith, and Jennifer A.N. White, Esq., of counsel).

Skadden, Arps, Slate, Meagher & Flom, New York City, for Prudential Mut. Fund Management, Inc.; Prudential Inv. Corp.; Prudential-Bache Securities, Inc.; Lawrence C. McQuade, and Michael Downey (William P. Frank and David A. Fleissig, Esq., of counsel).

Sullivan & Cromwell, New York City, for Prudential-Bache Utility Fund, Inc. (Richard Carlton and Richard Pepperman, of counsel).

OPINION AND ORDER

LEISURE, District Judge:

This is an action brought by a mutual fund shareholder alleging violations of several provisions of the Investment Company Act of 1940 (the "ICA"), 15 U.S.C. §§ 80a-1 to -64 (1988 & Supp. III 1991), and common law breach of fiduciary duty. Defendants move for dismissal of two of plaintiff's four claims pursuant to FedR.Civ.P. 12(b)(1) and 12(b)(6). For the reasons stated below, the Court dismisses...

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