CHICAGO, Feb. 26, 2004 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the Southern District of New York on behalf of purchasers, redeemers and holders of shares of the Scudder Mutual Funds set forth below (the "Funds") between January 22, 1999 and January 12, 2004 inclusive ("Class Period").
The Funds that are the subject of this suit and their symbols are as follows: Scudder 21st Century Growth Fund (Symbol: SCNAX, SCNBX, SCNCX) Scudder Aggressive Growth Fund (Symbol: KGGAX, KGGBX, KGGCX) Scudder Blue Chip Fund (Symbol: KBCAX, KBCBX, KBCCX) Scudder Capital Growth Fund (Symbol: SDGAX, SDGBX, SDGCX, SDGRX, SDGTX) Scudder Dynamic Growth Fund (Symbol: KSCAX, KSCBX, KSCCX) Scudder Flag Investors Communications Fund (Symbol: TISHX, FTEBX, FTICX, FLICX) Scudder Global Biotechnology Fund (Symbol: DBBTX, DBBBX, DBBCX) Scudder Gold & Precious Metals Fund (Symbol: SGDAX, SGDBX, SGDCX) Scudder Growth Fund (Symbol: KGRAX, KGRBX, KGRCX) Scudder Health Care Fund Symbol: SUHAX, SUHBX, SUHCX) Scudder Large Company Growth Fund (Symbol: SGGAX, SGGBX, SGGCX, SCQRX) Scudder Micro Cap Fund (Symbol: SMFAX, SMFBX, SMFCX, MGMCX, MMFSX) Scudder Mid Cap Fund (Symbol: SMCAX, SMCBX, SMCCX, SMCRX, BTEAX, BTCAX) Scudder Small Cap Fund (Symbol: SSDAX, SSDBX, SSDCX, SSDRX, BTSCX) Scudder Strategic Growth Fund (Symbol: SCDAX, SCDBX, SCDCX, SCDIX) Scudder Technology Fund (Symbol: KTCAX, KTCBX, KTCCX, KTCIX ) Scudder Technology Innovation Fund (Symbol: SRIAX, SRIBX, SRICX) Scudder Top 50 US Fund (Symbol: FAUSX, FBUSX, FCUSX) Scudder Contrarian Fund (Symbol: KDCAX, KDCBX, KDCCX, KDCRX) Scudder-Dreman Financial Services Fund (Symbol: KDFAX, KDFBX, KDFCX) Scudder-Dreman High Return Equity Fund (Symbol: KDHAX, KDHBX, KDHCX, KDHRX, KDHIX) Scudder-Dreman Small Cap Value Fund (Symbol: KDSAX, KDSBX, KDSCX, KDSRX, KDSIX) Scudder Flag Investors Equity Partners Fund (Symbol: FLEPX, FEPBX, FEPCX, FLIPX) Scudder Growth & Income Fund (Symbol: SUWAX, SUWBX, SUWCX, SUWRX, SUWIX) Scudder Large Company Value Fund (Symbol: SDVAX, SDVBX, SDVCX) Scudder-RREEF Real Estate Securities Fund (Symbol: RRRAX, RRRBX, RRRCX, RRRSX, RRRRX) Scudder Small Company Stock Fund (Symbol: SZCAX, SZCBX, SZCCX) Scudder Small Company Value Fund (Symbol: SAAUX, SABUX, SACUX) Scudder Tax Advantaged Dividend Fund (Symbol: SDDAX, SDDBX, SDDCX, SDDGX) Scudder Flag Investors Value Builder Fund (Symbol: FLVBX, FVBBX, FVBCX, FLIVX) Scudder Focus Value+Growth Fund (Symbol: KVGAX, KVGBX, KVGCX) Scudder Lifecycle Mid Range Fund (Symbol: BTLRX) Scudder Lifecycle Long Range Fund (Symbol: BTILX, BTAMX) Scudder Lifecycle Short Range Fund (Symbol: BTSRX) Scudder Pathway Conservative Portfolio (Symbol: SUCAX, SUCBX, SUCCX) Scudder Pathway Growth Portfolio (Symbol: SUPAX, SUPBX, SUPCX) Scudder Pathway Moderate Portfolio (Symbol: SPDAX, SPDBX, SPDCX) Scudder Retirement Fund Series V (Symbol: KRFEX) Scudder Retirement Fund Series VI (Symbol: KRFGX) Scudder Retirement Fund Series VII (Symbol: KRFGX) Scudder Target 2010 Fund (Symbol: KRFBX) Scudder Target 2012 Fund (Symbol: KRFCX) Scudder Target 2013 Fund (Symbol: KRFDX) Scudder Total Return Fund (Symbol: KTRAX, KTRBX, KTRCX, KTRGX) Scudder Emerging Markets Growth Fund (Symbol: SEKAX, SEKBX, SEKCX) Scudder Emerging Markets Income Fund (Symbol: SZEAX, SZEBX, SZECX) Scudder European Equity Fund (Symbol: DBEAX, DBEBX, DBECX, MEUEX, MEUVX) Scudder Global Fund (Symbol: SGQAX, SGQBX, SGQCX, SGQRX) Scudder Global Bond Fund (Symbol: SZGAX, SZGBX, SZGCX) Scudder Global Discovery Fund (Symbol: KGDAX, KGDBX, KGDCX) Scudder Greater Europe Growth Fund (Symbol: SERAX, SERBX, SERCX) Scudder International Fund (Symbol: SUIAX, SUIBX, SUICX) Scudder International Equity Fund (Symbol: DBAIX, DBBIX, DBCIX, BEIIX, BEITX, BTEQX) Scudder International Select Equity Fund (Symbol: DBISX, DBIBX, DBICX, DBITX, MGINX, MGIVX, MGIPX) Scudder Japanese Equity Fund (Symbol: FJEAX, FJEBX, FJECX) Scudder Latin America Fund (Symbol: SLANX, SLAOX, SLAPX) Scudder New Europe Fund (Symbol: KNEAX, KNEBX, KNECX, KNEIX) Scudder Pacific Opportunities Fund (Symbol: SPAOX, SBPOX, SPCCX) Scudder Worldwide 2004 Fund (Symbol: KWIVX) Scudder Fixed Income Fund (Symbol: SFXAX, SFXBX, SFXCX, SFXRF, MFINX, MFISX) Scudder High Income Plus Fund (Symbol: MGHYX, MGHVX, MGHPX) Scudder High Income Fund (Symbol: KHYAX, KHYBX, KHYCX, KHYIX) Scudder High Income Opportunity Fund (Symbol: SYOAX, SYOBX, SYOCX) Scudder Income Fund (Symbol: SZIAX, SZIBX, SZICX) Scudder PreservationPlus Fund (Symbol: BTPIX, BTPSX) Scudder PreservationPlus Income Fund (Symbol: PPIAX, PPLCX, DBPIX) Scudder Short Term Bond Fund (Symbol: SZBAX, SZBBX, SZBCX) Scudder Short Duration Fund (Symbol: SDUAX, SDUBX, SDUCX, MGSFX) Scudder Strategic Income Fund (Symbol: KSTAX, KSTBX, KSTCX) Scudder US Government Securities Fund (Symbol: KUSAX, KUSBX, KUSCX) Scudder California Tax-Free Income Fund (Symbol: KCTAX, KCTBX, KCTCX) Scudder Florida Tax-Free Income Fund (Symbol: KFLAX, KFLBX, KFLCX) Scudder High Yield Tax-Free Fund (Symbol: NOTAX, NOTBX, NOTCX, NOTIX) Scudder Intermediate Tax/AMT Free Fund (Symbol: SZMAX, SZMBX, SZMCX) Scudder Managed Municipal Bond Fund (Symbol: SMLAX, SMLBX, SMLCX, SMLIX) Scudder Massachusetts Tax-Free Fund (Symbol: SQMAX, SQMBX, SQMCX) Scudder Municipal Bond Fund (Symbol: MGMBX, MMBSX) Scudder New York Tax-Free Income Fund (Symbol: KNTAX, KNTBX, KNTCX) Scudder Short Term Municipal Bond Fund (Symbol: SRMAX, SRMBX, SRMCX, MGSMX, MSMSX) Scudder EAFE (R) Equity Index Fund (Symbol: BTAEX, BTIEX) Scudder Equity 500 Index Fund (Symbol: BTIIX) Scudder S&P 500 Stock Fund (Symbol: KSAAX, KSABX, KSACX) Scudder Select 500 Fund (Symbol: OUTDX, OUTBX, OUTBX, OUTRX Scudder US Bond Index Fund (Symbol: BTUSX ) Scudder Cash Reserves Fund
The Complaint charges the Scudder Mutual Funds and others with violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and with common law breach of fiduciary duties.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Scudder.
Specifically, the Complaint alleges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain favored investors "timing" of the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the Funds. In return for receiving extra fees from favored investors, Deutsche Bank AG, Scudder Investments, Deutsche Asset Management, and Deutsche Investment Management allowed and facilitated timing activities in the Funds, to the detriment of class members, who paid, dollar for dollar, for improper profits made by privileged investors. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.
If you purchased, held or redeemed the Funds during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than March 22, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.