In Re Pilgrim Baxter Fraud Class Action U.S. District Court, Maryland The Court appointed MMM+B's client the Ohio Public Employees Deferred Compensation Plan ("Ohio Plan") as Lead Plaintiff in the securities fraud class action against Pilgrim Baxter & Associates ("PBHG"), the investment advisor to PBHG Funds, and others. As Special Counsel to the Ohio Attorney General, MMM+B advises the Ohio Plan in the matter. The Ohio Plan is seeking to recover funds lost because of "the company's breach of its fiduciary duties." According to a January 23, 2004 press release from Ohio Attorney General Jim Petro, "[t]housands of Ohio's public servants trusted Pilgrim Baxter with their retirement dollars and the company responded by letting short-term investors reap unjust windfalls... Not only did the company lie about monitoring clients who take advantage of short-term price changes, the founders of Pilgrim Baxter also participated in market timing to enrich themselves."