Problems overseas too?

Between Oct. 3 and Nov. 13, Alliance Capital (AC) , a company at the center of the mutual fund scandal, was named as a defendant in 21 separate lawsuits — practically one for every day the courts were open — and several more have come in since Alliance filed its Q on Monday. But the company also disclosed a problem with one of its former portfolio managers in India. According to the Q, securiities regulators in India, ordered Alliance research analyst/portfolio manager Samir C. Arora to refrain from buying, selling or dealing in Indian securities on Aug. 9. The regulators charge that Arora, who had been head of Asian emerging markets equities and a fund manager of an Indian fund management company that was 75 percent owned by Alliance, “relied on unpublished price sensitive information” when making investment decisions on behalf of the fund and Alliance and that there were failures to make disclosures about stocks owned. Arora resigned from Alliance on Aug. 4 and has already lost one appeal in India, though he’s taking his appeal to the next level. In the Q, Alliance says it continues to review the matter.