Laserfiche WebLink
<br />..-. .. <br /> <br />- SCHATZ PAQUIN ROBERTJ,SCHMIT BARBARA..J.GRAHN <br />JAMES E.SCHATZ CHRISTOPHER K.SANDBERG <br />. LOCKRIDGE GRINOAL & HOLSTEIN P.L.L.P JEROMEF,PAQUIN HARRYE,GALLAHER <br />ATTOR N EYS AT LAW RICHARD A.LOCKRIDGE WilLIAM A.GENGLER <br />AUDREY L. ESTEBO ERIC C. TOSTRUD <br />100 WASHINGTON AVENUE SOUTH CHARLES N.NAUEN HENRI G,MINETTE <br />"'~" ..".' H. THEODORE GRINDAL KAREN M, HANSON <br />MINNEAPOLIS, MINNESOTA ss~;t.:::.. L1NDAL.HOLSTEIN EARLEF.KYLE,IV <br />- W. JOSEPH BRUCKNER WILMA L.Z1PPEL <br />TELEPHONE (612) 339-6900 ...' .n(),~ BRADLEY W.ANDERSON SANDRA M. SEDO <br />~. -'l 't '_::I:J., PATRICIA A, BLOODGOOD MARLA A. HOEHN <br />FACSIMilE {612} 339-0981 :~~'f{_ ,t - JOSEPH M. MUS1LEK SARA MADSEN <br />\ ." GREGG M, FISHBEIN <br />MONICA C. McCARTY <br />1301 K STREET, N,W. (r\~ JEAN K,JANES <br />",~ - OF COUNSEL LORENZ F. FETT,.JR. <br />EAST TOWER,SUITE 650 DANIELA,FARBER KAREN E,REILLY <br />WAS HI N GTO N, D. C, 20005 MICHAEL A, TRITTI?O <br />QE:BRA L.HQVLANQ <br />TELEPHONE (202) 769~3970 <br />GE:RRY SIKORSKI <br />FACSIMILE (202) 789-2961 DIRECTOR OF PUBLIC AFFAIRS,WA.SHINGTON.D,C. <br /> <br /> <br />- March 8, 1995 <br /> <br /> <br /> <br />TO THE SHAREHOLDERS <br />- IN THE PIPER JAFFRAY INSTITUTIONAL GOVERNMENT INCOME FUND <br /> <br /> <br />I Dear Shareholder: <br /> <br />I ~ As your class counsel, we are very pleased to notify you <br />personally that the class action against Piper Jaffray relating to <br />the Institutional Government Income Fund has been tentatively <br />I settled for $70 million. Some reports of the settlement note that <br />the SEC has said that this is a record amount for litigation <br />involving a mutual fund. <br /> <br />I The tentative time frame is as follows: <br /> <br />We hope to receive preliminary approval from the court in <br />about 30-40 days, or sometime in April. We expect a class notice <br />I to be sent in Mayor June. At or about that time we hope to be <br />able to advise every shareholder whether they have suffered damages <br />and, if so, their approximate amount of recovery. After receipt of <br />I the class notice you will have about 45 days in which to decide <br />whether you wish to stay in the class and receive your share of the <br />settlement proceeds if you had a recognizable loss or to get out of <br />I the class and file your own separate lawsuit or arbitration. <br /> <br />We will be seeking the Court's final approval of the <br />settlement in mid-to late summer and, assuming it is approved, <br />I would expect the first distribution to be made by September or <br />October. The remaining amount would be distributed principally in <br />1996 and 1997, with a small amount in 1998. All of these deferred <br />I amounts will be earning interest at the rate of eight percent (8%). <br /> <br />. In addition, the lawsuit against the accounting firm of KPMG <br />I Peat Marwick, which seeks to recover further amounts, is going <br />forward. On February 24 the district court denied, in most <br /> <br /> <br />I 0067095 <br />