Five independent fund trustees have won a small victory in a lawsuit originally filed against them as well as Investment Adviser's, Inc., the mutual fund adviser in Minneapolis, Minn., and the IAI Value Fund. Investment Adviser's is a subsidiary of Lloyds TSB of London.

On Oct. 7, Minnesota U.S. District Court Judge Donovan W. Frank dismissed one count of the lawsuit filed this past December against the trustees of the IAI Value Fund. The suit, originally filed by David S. Lo and Lih-Lih C. Lo and former IAI shareholders, charged the fund adviser with securities fraud and the fund's independent trustees with breaching their fiduciary obligation (MFMN, 2/22/99.)

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