Please read a message that went to our associates from Bank One Corporation's Chairman, Jamie Dimon. We wanted to share this information with our valued clients and shareholders.
Dear Colleagues:
As a leading provider of mutual funds, we take our responsibility to our mutual funds shareholders very seriously. Last week, the New York Attorney General brought an action against a hedge fund alleging that it engaged in after-market trading and/or market timing with several mutual funds including Bank One funds.
We share the interest of the Attorney General and of our regulators in safeguarding both the integrity of the mutual fund industry and Bank One's mutual fund business.
You should know the following:
I. We are fully cooperating with the New York Attorney General and regulators to gather all necessary facts. Our General Counsel is leading this effort and I have directed her to use all resources necessary to complete our review quickly and thoroughly.
II. We are reevaluating our relevant policies and processes to ensure that they meet the highest standards in the industry. If they don't, we will revise them.
III. We are evaluating whether the policies and processes we had in place were properly followed.
IV. If we determine that any Bank One employee knowingly violated either the letter or the spirit of our policies and processes, we will take proper disciplinary action.
V. If our analysis shows that any of our mutual fund shareholders were damaged, we will do the right thing and make appropriate restitution.
VI. We will continue to communicate with you and with our mutual fund shareholders as appropriate. You can certainly feel free to share this letter with any Bank One customers who may have questions. Please understand, however, that we cannot -- and should not -- engage in any speculation nor comment until we have all the relevant facts. Although we are proceeding with a great sense of urgency, I do not anticipate that we will have all the answers immediately.
Nothing is more important to us than maintaining the highest ethical standards. I know you work hard to earn the trust of our customers every day. At Bank One, we talk a lot about doing the right thing, and I promise we will do the right thing in this situation.
Jamie Dimon
