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No-Load Funds

Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.

The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.

The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.

But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.

Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.

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New Abu Ghraib Torture Claims Filed Against Military Contractors, According to Legal Team for Former 'Ghost' Detainee

 
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LOS ANGELES, May 5, 2008 /PRNewswire-USNewswire via COMTEX News Network/ ----New torture claims have been leveled at two U.S. military contractors by a former Abu Ghraib "ghost" detainee who was wrongly imprisoned and later released without charge, according to a lawsuit filed today in Los Angeles federal court by his U.S. legal team.

The lawsuit was filed on behalf of Emad Al-Janabi, a 43-year-old Iraqi blacksmith, who alleges that he was beaten and forced from his home by people in U.S. military uniforms and civilian clothing in September 2003. He was released from Abu Ghraib without charge in July 2004.

The defendants are CACI International Inc. (NYSE: CAI) and CACI Premier Technology, Inc., of Arlington, Va.; L-3 Communications Titan Corporation (NYSE: LLL), of San Diego, Calif.; and former CACI contractor Steven Stefanowicz, a Los Angeles resident known at Abu Ghraib as "Big Steve."

 According to the Complaint,
   Mr. Al-Janabi was: -- Subjected to physical and mental torture in sessions where the defendants acted as interrogators and
   translators; -- Transported to a detainee site in a wooden box and covered with a hood; -- Scarred on his face when his eyes
   were clawed by an interrogator; -- Exposed to a mock execution of his brother and nephew, and told by defendant translators
   that he would be executed or crushed by a helicopter or a tank; -- Hung upside down, with his feet chained to the steel slats
   of a bunk bed until he lost consciousness, and hung by his arms; -- Repeatedly deprived of food and sleep; and -- Threatened
   with dogs. 

On Oct. 2, 2003, during a surprise inspection of Abu Ghraib, the International Committee of the Red Cross discovered Mr. Al-Janabi naked, chained and bruised in a cell in the "hard site" of the prison. He was a so-called "ghost detainee" who was intentionally hidden from the Red Cross on subsequent inspections and held without appearing on the prisoner lists.

The lawsuit -- which alleges multiple violations of U.S. law, including torture, war crimes, and civil conspiracy -- notes that CACI provided interrogators used at Abu Ghraib and that L-3 employed all translators used there. Mr. Stefanowicz was linked to Abu Ghraib abuses in military court martial proceedings and was said to have directed low-level U.S. military personnel in detainee interrogations.

Mr. Al-Janabi and other former Abu Ghraib detainees are represented by attorneys Susan L. Burke, William F. Gould, and Katherine R. Hawkins of Burke O'Neil LLC, of Philadelphia; Michael Ratner and Katherine Gallagher of the Center for Constitutional Rights; and Shereef Akeel, of Akeel & Valentine, PLC, of Birmingham, Mich.

Mr. Al-Janabi stated, "We want the complete truth about Abu Ghraib to be told. The world must know what happened."

The lawsuit also alleges that a newly published book, "Our Good Name," by CACI Chairman J.P. (Jack) London, reveals that CACI's internal investigation failed to include any interviews of detainees or of a former employee whistleblower.

According to the lawsuit, "CACI has repeatedly made, and continues to make, knowingly false statements to the effect that none of its employees was involved in torturing prisoners. In fact, co-conspirators have admitted that Big Steve and several other corporate employees were involved in the torture," and at least one publicly released Abu Ghraib photograph shows a former CACI employee interrogating a prisoner in a dangerous and harmful stress position not authorized by relevant military regulations governing interrogation.

Susan L. Burke, of Burke O'Neil LLC, stated, "Contrary to the revisionist history some are propagating, the defendants are not victims of anything when it comes to Abu Ghraib. No pseudo-patriotic book campaign will change that fact. The real victims, the people who were senselessly tortured and are now pursuing legal claims -- just as Americans rightly would if they or their families suffered these abuses -- look forward to having their day in court."

Center for Constitutional Rights attorney Katherine Gallagher stated, "Private military contractors can't act with impunity outside the law. They have to be held accountable for their participation in the atrocities at Abu Ghraib and the other facilities. We believe what they and their employees did clearly violated the Geneva Conventions, the Army Field Manual, and the laws of the United States."

Shereef Akeel, of Akeel & Valentine, PLC stated, "This lawsuit represents another voice for the innocent victims of Abu Ghraib but also for decent people throughout the world who decry torture. Mr. Al-Janabi and others like him have suffered enough. They deserve the right to hold the defendants accountable for their conduct."

The case is "Emad Khudhayir Shahuth Al-Janabi v. Steven A. Stefanowicz, et al," in the U.S. District Court for the Central District of California (CV 08-02913).

Media Contacts: Erin Powers, Powers MediaWorks LLC, for Burke O'Neil LLC and Akeel & Valentine, PLC, (281) 703-6000 or (281) 362-1411; Jen Nessel, Center for Constitutional Rights, (212) 614-6449; and David Lerner, Riptide Communications, for the Center for Constitutional Rights, (212) 260-5000.

SOURCE Burke O'Neil LLC

Copyright (C)
   2008 PR Newswire. All rights reserved
 

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