Hunt v. Alliance North American Government Income Trust, Inc.

LEVAL, Circuit Judge:

Plaintiffs are shareholders in Alliance North American Government Income Trust, Inc. (the “Fund”), an open-ended mutual fund formed to make investments in government-guaranteed securities of Mexico, Canada, the United States, and countries in Central and South America. Plaintiffs brought this action against the Fund (and related persons and entities1) alleging various violations of the federal securities laws and common law claims after the value of their shares declined dramatically due to the collapse of the Mexican peso in December 1994. The United States District…