Bond Buyer Online: Industry News -
[Cached Version]
Published on: 3/25/2002
Last Visited: 3/25/2002
Paul Beste, chief operating officer at Heartland Advisors, said, when contacted on Friday, "Given that the motion is pending, it would be inappropriate to comment at this time."
There are still several individual lawsuits pending against the defendants in state courts.The Securities and Exchange Commission seized three of the company's funds last March, including the two named in the suit, and is also investigating the funds' management.
The third fund, the Heartland Taxable Short Duration Municipal Fund, was not named in any of the investor lawsuits.
Investors have received some small payouts, as the receiver named by the SEC has been selling bonds in the portfolios of the three funds.