It's open season on the mutual fund industry, as New York State Attorney General Eliot Spitzer's probe of mutual fund trading practices has triggered a barrage of investor lawsuits.

The complaints are based on evidence that mutual funds took part in trading schemes that exploited a loophole in the way mutual funds are priced. Last week, Bernstein Liebhard & Lifshitz of New York filed claims against the four companies implicated in the Spitzer probe: Janus Capital, Bank One, Bank of America and Strong Financial.

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