NEW YORK, April 13, 2011 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka, LLP announced that it has filed a complaint in the Circuit Court of Cook County, Illinois, against Shay Assets Management, Inc. The claim was filed on behalf of a local community bank and seeks damages for losses sustained as a result of Shay Assets Management's alleged misrepresentations that the AMF Funds were appropriate for banking and thrift institutions when in fact the AMF Funds were heavily laden with toxic private label mortgage-backed securities. The AMF Funds include the U.S. Government Mortgage Fund (ASMTX), Intermediate Mortgage Fund (ASCPX), Short U.S. Government Fund (ASITX), Ultra Short Mortgage Fund (ASARX), and the Ultra Short Fund (AULTX).
The Plaintiff alleges that the AMF Funds suffered severe losses due to over-concentrated investments in speculative and illiquid private label mortgage-backed securities and leveraged structured products, the risks of which were hidden and not disclosed to investors. Further, during the market down turn of 2007-2008, Shay Assets Management consistently defended the high quality of the assets contained in the AMF Funds while the funds deteriorated.
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