BALTIMORE, Dec. 10, 2003 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of certain Morgan Stanley and Van Kampen Mutual Funds from October 1, 1999 through December 31, 2002 (the "Class Period").
The conduct alleged in the lawsuit may have impacted the value of one or more of the following funds:
-- Morgan Stanley 21st Century Trend Fund (TCTAX, TCTBX, TCTCX,
TCTDX)
-- Morgan Stanley Aggressive Equity Fund (AEQAX, AEQBX, AEQCX,
AEQDX)
-- Morgan Stanley All Star Growth Fund (ALLAX, ALLBX, ALLCX, ALLDX)
-- Morgan Stanley American Opportunities Fund (AMOAX, AMOBX, AMOCX,
AMODX)
-- Morgan Stanley Biotechnology Fund (BTKAX, BTKBX, BTKCX, BTKDX)
-- Morgan Stanley Capital Opportunities Trust (CPOAX, CPOBX, CPOCX,
CPODX)
-- Morgan Stanley Developing Growth Securities (DGRAX, DGRBX, DGRCX,
DGRDX)
-- Morgan Stanley Financial Services Trust (FSVAX, FSVBX, FSVCX,
FSVDX)
-- Morgan Stanley Growth Fund (GRTAX, GRTBX, GRTCX, GRTDX)
-- Morgan Stanley Health Sciences Trust (HCRAX, HCRBX, HCRCX, HCRDX)
-- Morgan Stanley Information Fund (IFOAX, IFOBX, IFOCX, IFODX)
-- Morgan Stanley KLD Social Index Fund (SIXAX, SIXBX, SIXCX, SIXDX)
-- Morgan Stanley Market Leader Trust (MLDAX, MLDBX, MLDCX, MLDDX)
-- Morgan Stanley Mid-Cap Value Fund (MDFAX, MDFBX, MDFCX, MDFDX)
-- Morgan Stanley Nasdaq-100 Index Fund (NSQAX, NSQBX, NSQCX, NSQDX)
-- Morgan Stanley Natural Resource Development Securities (NREAX,
NREBX, NRECX,NREDX)
-- Morgan Stanley New Discoveries Fund (NDFAX, NDFBX, NDFCX, NDFDX)
-- Morgan Stanley Next Generation Trust (NGTAX, NGTBX, NGTCX, NGTDX)
-- Morgan Stanley Small-Mid Special Value Fund (JBJAX, JBJBX, JBJCX,
JBJDX)
-- Morgan Stanley Special Growth Fund (SMPAX, SMPBX, SMPCX, SMPD)
-- Morgan Stanley Special Value Fund (SVFAX, SVFBX, SVFCX, SVFDX)
-- Morgan Stanley Tax-Managed Growth Fund (TGXAX, TGXBX, TGXCX,
TGXDX)
-- Morgan Stanley Technology Fund (TEKAX, TEKBX, TEKCX, TEKDX)
-- Morgan Stanley European Growth Fund (EUGAX, EUGBX, EUGCX, EUGDX)
-- Morgan Stanley Fund of Funds - International Portfolio (IOFBX,
IOFCX, IOFDX)
-- Morgan Stanley Global Advantage Fund, (GADAX, GADBX, GADCX,
GADDX)
-- Morgan Stanley Global Dividend Growth Securities (GLBAX, GLBBX,
GLBCX, GLBDX)
-- Morgan Stanley Global Utilities Fund (GUTAX, GUTBX, GUTCX, GUTDX)
-- Morgan Stanley International Fund (INLAX, INLBX, INLCX, INLDX)
-- Morgan Stanley International Smallcap Fund (ISMAX, SMBX, ISMCX,
ISMDX)
-- Morgan Stanley International Value Equity Fund (IVQAX, IVQBX,
IVQCX, IVQDX)
-- Morgan Stanley Japan Fund (JPNAX, JPNBX, JPNCX, JPNDX)
-- Morgan Stanley Latin American Growth Fund (LATAX, LATBX, LATCX,
LATDX)
-- Morgan Stanley Pacific Growth Fund (TGRAX, TGRBX, TGRCX, TGRDX)
-- Morgan Stanley Allocator Fund (ALRAX, ALRBX, ALRCX, ALRDX)
-- Morgan Stanley Balanced Growth Fund (BGRAX, BGRBX, BGRCX, BGRDX)
-- Morgan Stanley Balanced Income Fund, (BINAX, BINBX, BINCX, BINDX)
-- Morgan Stanley Convertible Securities Trust, (CNSAX, CNSBX,
CNSCX, CNSDX)
-- Morgan Stanley Dividend Growth Securities, (DIVAX, DIVBX, DIVCX,
DIVDX)
-- Morgan Stanley Equity Fund (EQFAX, EQFBX, EQFCX, EQFDX)
-- Morgan Stanley Fund of Funds - Domestic Portfolio (DOFAX, DOFBX,
DOFCX, DOFDX)
-- Morgan Stanley Fundamental Value Fund (FVFAX, FVFBX, FVFCX,
FVFDX)
-- Morgan Stanley Income Builder Fund, (INBAX, INBBX, INBCX, INBDX)
-- Morgan Stanley Real Estate Fund (REFAX, REFBX, REFCX, REFDX)
-- Morgan Stanley S&P 500 Index Fund (SPIAX, SPIBX, SPICX, SPIDX)
-- Morgan Stanley Strategist Fund (SRTAX, SRTBX, SRTCX, SRTDX)
-- Morgan Stanley Total Market Index Fund (TMIAX, TMIBX, TMICX,
TMIDX)
-- Morgan Stanley Total Return Trust (TRFAX, TRFBX, TRFCX, TRFDX)
-- Morgan Stanley Utilities Fund (UTLAX, UTLBX, UTLCX, UTLDX)
-- Morgan Stanley Value Fund (VLUAX, VLUBX, VLUCX, VLUDX)
-- Morgan Stanley Value-Added Market Series/Equity Portfolio (VADAX,
VADBX, VADCX, VADDX)
-- Morgan Stanley Active Assets California Tax-Free Trust (AACXX)
-- Morgan Stanley Active Assets Government Securities Trust (AAGXX)
-- Morgan Stanley Active Assets Institutional Money Trust (AVIXX)
-- Morgan Stanley Active Assets Money Trust (AAMXX)
-- Morgan Stanley Active Assets Tax-Free Trust (AATXX)
-- Morgan Stanley Flexible Income Trust (DINAX, DINBX, DINCX,
DINDX,)
-- Morgan Stanley Federal Securities Trust (FDLAX, FDLBX, FDLCX,
FDLDX)
-- Morgan Stanley High Yield Securities (HYLAX, HYLBX, HYLCX, HYLDX)
-- Morgan Stanley Quality Income Trust (IISAX, IISBX, IISCX, IISDX)
-- Morgan Stanley Limited Duration Fund (MSLDX)
-- Morgan Stanley Limited Duration U.S. Treasury Trust (LDTRX)
-- Morgan Stanley Liquid Asset Fund (DWLXX)
-- Morgan Stanley Prime Income Trust (XPITX)
-- Morgan Stanley U.S. Government Money Market Trust (DWGXX)
-- Morgan Stanley U.S. Government Securities Trust (USGAX, USGBX,
USGCX, USGDX)
-- Morgan Stanley California Tax-Free Daily Income Trust (DSCXX)
-- Morgan Stanley California Tax-Free Income Fund (CLFAX, CLFBX,
CLFCX, CLFDX)
-- Morgan Stanley Hawaii Municipal Trust (DWHIX)
-- Morgan Stanley Limited Term Municipal Trust (DWLTX)
-- Morgan Stanley Multi-State Municipal Series Trust, Arizona Series
(DWAZX)
-- Morgan Stanley Multi-State Municipal Series Trust, Florida Series
(DWFLX)
-- Morgan Stanley Multi-State Municipal Series Trust, New Jersey
Series (DWNJX)
-- Morgan Stanley Multi-State Municipal Series Trust, Pennsylvania
Series (DWPAX)
-- Morgan Stanley New York Municipal Money Market Trust (DWNXX)
-- Morgan Stanley New York Tax-Free Income Fund (NYFAX, NYFBX,
NYFCX, NYFDX)
-- Morgan Stanley Tax-Exempt Securities Trust (TAXAX, TAXBX, TAXCX,
TAXDX)
-- Morgan Stanley Tax-Free Daily Income Trust (DSTXX)
-- Van Kampen Advantage Municipal Income Trust (VKA)
-- Van Kampen Advantage Municipal Income Trust II (VKI)
-- Van Kampen Advantage Pennsylvania Municipal Income Trust (VAP)
-- Van Kampen Bond Fund (IOBIX, VBF)
-- Van Kampen California Municipal Trust (VKC)
-- Van Kampen California Quality Municipal Trust (VQC)
-- Van Kampen California Value Municipal Income Trust (VCV)
-- Van Kampen Comstock Fund (ACSTX, ACSWX, ACSYX, ACSRX)
-- Van Kampen Convertible Securities Fund (VXS)
-- Van Kampen Corporate Bond Fund (ACCBX, ACCDX, ACCEX)
-- Van Kampen Emerging Growth Fund (ACEGX, ACEMX, ACEFX, ACEEX)
-- Van Kampen Enterprise Fund (ACENX, ACEOX, ACEPX)
-- Van Kampen Equity & Income Fund (ACEIX, ACEQX, ACERX, ACESX)
-- Van Kampen Florida Municipal Opportunity Trust (VMO)
-- Van Kampen Florida Quality Municipal Trust (VFM)
-- Van Kampen Government Securities Fund (ACGSX, ACGTX, ACGVX)
-- Van Kampen Growth & Income Fund (ACGIX, ACGJX, ACGKX, ACGLX)
-- Van Kampen Harbor Fund (ACHBX, ACHAX, ACHCX)
-- Van Kampen High Income Corporate Bond Fund (ACHYX, ACHZX, ACHWX)
-- Van Kampen Income Trust (VIN)
-- Van Kampen High Income Trust (VIT)
-- Van Kampen Investment Grade Municipal Trust (VIG)
-- Van Kampen Limited Maturity Government Fund (ACFMX, ACFTX, ACFWX)
-- Van Kampen High Income Trust II (VLT)
-- Van Kampen Massachusetts Value Municipal (VMV)
-- Van Kampen Municipal Income Trust (VMT)
The lawsuit alleges that Morgan Stanley, Morgan Stanley DW Inc. ("MSDW"), Morgan Stanley Investment Advisors Inc., Morgan Stanley Investments LP., Morgan Stanley Distributors Inc., Van Kampen Investment Advisory Corp., Van Kampen Asset Management Inc., and Van Kampen Funds Inc., violated the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940,and the Investment Company Act of 1940, and breached common law fiduciary duties for failing to properly disclose that Morgan Stanley had been aggressively prompting its brokers to sell Morgan Stanley and Van Kampen mutual funds instead of other mutual funds. The lawsuit further alleges that this practice was carried out through a series of contests whereby brokers who sold the most of these funds were awarded various prizes and non-cash compensation.
The lawsuit further alleges that advisors to the funds (Morgan Stanley Investment Advisors, Inc., Morgan Stanley Advisors LP, Van Kampen Investment Advisory Corp., and Van Kampen Asset Management Inc.) paid excessive commissions, directly or indirectly, to MSDW, the broker dealer, which came out of the funds' assets, as payments to MSDW for steering clients towards Morgan Stanley and Van Kampen's funds. The lawsuit also alleges that the advisors (and their parent, Morgan Stanley) profited from this scheme by earning increased management fees and that MSDW (and its parent Morgan Stanley) benefited from increased commissions generated by this scheme.
No class has yet been certified in the above action. Until a class is certified, you are not represented unless you retain an attorney. If you are a member of the proposed class, meaning you are one who purchased any of the mutual funds referenced herein during the Class Period, you may be eligible to serve as a plaintiff. To be a member of the class, if certified, you need not take any action at this time. You may retain counsel of your choice. If you bought shares of any of the funds between October 1, 1999 and December 31, 2002, inclusive and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than December 19, 2003.
If you are one who purchased any of the mutual funds referenced above during the Class Period and want to discuss your legal rights, or if you have information or questions about other mutual fund companies being investigated for improper conduct, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036. CONTACT:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.