NEW YORK, Sept. 9, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Van Kampen Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective Van Kampen Funds named below, are as follows:
VAGAX Van Kampen Aggressive Growth A
VAGBX Van Kampen Aggressive Growth B
VAGCX Van Kampen Aggressive Growth C
VAGDX Van Kampen Aggressive Growth I
MSAIX Van Kampen America Value Fund Class I
VAFAX Van Kampen American Franchise Fund Class A
VAFBX Van Kampen American Franchise Fund Class B
VAFCX Van Kampen American Franchise Fund Class C
VAFIX Van Kampen American Franchise Fund Class I
MSAVX Van Kampen American Value A
MGAVX Van Kampen American Value B
MSVCX Van Kampen American Value C
VKCIX Van Kampen CA Insured Tax-Free A
VCIBX Van Kampen CA Insured Tax-Free B
VCICX Van Kampen CA Insured Tax-Free C
VCIIX Van Kampen California Insured Tax Free Fund Class I
ACSTX Van Kampen Comstock A
ACSWX Van Kampen Comstock B
ACSYX Van Kampen Comstock C
ACSDX Van Kampen Comstock I
ACSRX Van Kampen Comstock R
ACCBX Van Kampen Corporate Bond A
ACCDX Van Kampen Corporate Bond B
ACCEX Van Kampen Corporate Bond C
ACCHX Van Kampen Corporate Bond Fund Class I
ACEGX Van Kampen Emerging Growth A
ACEMX Van Kampen Emerging Growth B
ACEFX Van Kampen Emerging Growth C
ACEDX Van Kampen Emerging Growth I
ACEEX Van Kampen Emerging Growth R
MSRAX Van Kampen Emerging Markets A
MSRBX Van Kampen Emerging Markets B
MSRCX Van Kampen Emerging Markets C
MSRIX Van Kampen Emerging Markets Fund Class I
ACENX Van Kampen Enterprise A
ACEOX Van Kampen Enterprise B
ACEPX Van Kampen Enterprise C
ACEUX Van Kampen Enterprise Fund Class I
ACEIX Van Kampen Equity and Income A
ACEQX Van Kampen Equity and Income B
ACERX Van Kampen Equity and Income C
ACETX Van Kampen Equity and Income I
ACESX Van Kampen Equity and Income R
VEGAX Van Kampen Equity Growth A
VEGBX Van Kampen Equity Growth B
VEGCX Van Kampen Equity Growth C
VEGIX Van Kampen Equity Growth Fund Class I
ACEHX Van Kampen Exchange
MIMCX VAN KAMPEN FUND INTERNATIONAL M
MSGAX Van Kampen Global Equity Alloc A
MSGBX Van Kampen Global Equity Alloc B
MSGCX Van Kampen Global Equity Alloc C
MSGDX Van Kampen Global Equity Allocation Fund Class I
VGFAX Van Kampen Global Franchise A
VGFBX Van Kampen Global Franchise B
VGFCX Van Kampen Global Franchise C
VGFIX Van Kampen Global Franchise Fund Class I
MGEAX Van Kampen Global Value Equity A
MGEBX Van Kampen Global Value Equity B
MGECX Van Kampen Global Value Equity C
MGEDX Van Kampen Global Value Equity Fund Class I
ACGVX Van Kampen Government Securities A
ACGTX Van Kampen Government Securities B
ACGSX Van Kampen Government Securities C
ACGUX Van Kampen Government Securities Fund Class I
ACGIX Van Kampen Growth and Income A
ACGJX Van Kampen Growth and Income B
ACGKX Van Kampen Growth and Income C
ACGMX Van Kampen Growth and Income I
ACGLX Van Kampen Growth and Income R
ACHBX Van Kampen Harbor A
ACHAX Van Kampen Harbor B
ACHCX Van Kampen Harbor C
ACHIX Van Kampen Harbor I
ACHYX Van Kampen High Yield A
ACHZX Van Kampen High Yield B
ACHWX Van Kampen High Yield C
VKHYX VAN KAMPEN HIGH YIELD FD A
VHYBX VAN KAMPEN HIGH YIELD FUND CL B
VHYCX VAN KAMPEN HIGH YIELD FUND CL C
ACHVX Van Kampen High Yield I
ACTDX Van Kampen High Yield Municipal Fund Class I
ACTHX Van Kampen High-Yield Municipal A
ACTGX Van Kampen High-Yield Municipal B
ACTFX Van Kampen High-Yield Municipal C
VMTIX Van Kampen Insured Tax Free Fund Class I
VKMTX Van Kampen Insured Tax-Free Inc A
VMTBX Van Kampen Insured Tax-Free Inc B
VMTCX Van Kampen Insured Tax-Free Inc C
VKLMX Van Kampen Interm-Term Muni A
VKLBX Van Kampen Interm-Term Muni B
VKLCX Van Kampen Interm-Term Muni C
VKLIX Van Kampen Intermediate Term Municipal Income
Fund Class I
VKIAX Van Kampen International Advantage A
VKIBX Van Kampen International Advantage B
VKICX Van Kampen International Advantage C
VKIIX Van Kampen International Advantage Fund Class I
MIMAX VAN KAMPEN INTERNATIONAL MAGNUM
MSNBX VAN KAMPEN INTERNATIONAL MAGNUM
ACFMX Van Kampen Limited Duration A
ACFTX Van Kampen Limited Duration B
ACFWX Van Kampen Limited Duration C
ACFYX Van Kampen Limited Duration Fund Class I
VGRAX Van Kampen Mid Cap Growth A
VGRBX Van Kampen Mid Cap Growth B
VGRCX Van Kampen Mid Cap Growth C
VGRDX Van Kampen Mid Cap Growth Fund Class I
VKMMX Van Kampen Municipal Income A
VMIBX Van Kampen Municipal Income B
VMICX Van Kampen Municipal Income C
VMIIX Van Kampen Municipal Income Fund Class I
VNYDX Van Kampen New York Tax Free Income Fund Class I
VNYAX Van Kampen NY Tax-Free Income A
VBNYX Van Kampen NY Tax-Free Income B
VNYCX Van Kampen NY Tax-Free Income C
VKMPX Van Kampen PA Tax-Free Income A
VKPAX Van Kampen PA Tax-Free Income B
VKPCX Van Kampen PA Tax-Free Income C
ACPAX Van Kampen Pace A
ACPBX Van Kampen Pace B
ACPCX Van Kampen Pace C
ACPDX Van Kampen Pace Fund Class I
VKPIX Van Kampen Pennsylvania Tax Free Income Fd Class I
ACREX Van Kampen Real Estate Secs A
ACRBX Van Kampen Real Estate Secs B
ACRCX Van Kampen Real Estate Secs C
ACRDX Van Kampen Real Estate Securities Fund Class I
VSGAX Van Kampen Select Growth A
VBSGX Van Kampen Select Growth B
VSGCX Van Kampen Select Growth C
VBSIX Van Kampen Select Growth Fund Class I
VSLAX Van Kampen Senior Loan Fund Class A
VSLBX Van Kampen Senior Loan Fund Class B
VSLCX Van Kampen Senior Loan Fund Class C
XPRTX Van Kampen Senior Loan IB
XSLCX Van Kampen Senior Loan IC
VASCX Van Kampen Small Cap Growth A
VBSCX Van Kampen Small Cap Growth B
VCSCX Van Kampen Small Cap Growth C
VISCX Van Kampen Small Cap Growth Fund Class I
VSCAX Van Kampen Small Cap Value A
VSMBX Van Kampen Small Cap Value B
VSMCX Van Kampen Small Cap Value C
VSMIX Van Kampen Small Cap Value Class I
VKMHX Van Kampen Strategic Municipal Inc A
VKTFX Van Kampen Strategic Municipal Inc B
VMHCX Van Kampen Strategic Municipal Inc C
VMHIX Van Kampen Strategic Municipal Income Fd Class I
VTFAX Van Kampen Technology A
VTFBX Van Kampen Technology B
VTFCX Van Kampen Technology C
VTFIX Van Kampen Technology Fund Class I
VKMGX Van Kampen U.S. Mortgage A
VUSBX Van Kampen U.S. Mortgage B
VUSCX Van Kampen U.S. Mortgage C
VUSIX Van Kampen U.S. Mortgage Fund Class I
VKUAX Van Kampen Utility A
VKUBX Van Kampen Utility B
VKUCX Van Kampen Utility C
VKUIX Van Kampen Utility Fund Class I
VVOAX Van Kampen Value Opportunities A
VVOBX Van Kampen Value Opportunities B
VVOCX Van Kampen Value Opportunities C
VVOIX Van Kampen Value Opportunities I
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Van Kampen Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the Van Kampen Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca