NEW YORK, Sept. 8, 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 Scudder 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 Scudder Funds named below, are as follows:
XKTFX Scudder Municipal Income Trust XKSMX Scudder Strategic Municipal Income Trust SCNIX SCUDDER 21ST CENTURY GROWTH FD SXXIX SCUDDER 21ST CENTURY GROWTH FD SCNAX SCUDDER 21ST CENTURY GROWTH FUN SCNBX SCUDDER 21ST CENTURY GROWTH FUN SCNCX SCUDDER 21ST CENTURY GROWTH FUN SCTGX SCUDDER 21ST CENTURY GROWTH FUN KGGAX Scudder Aggressive Growth A KGGBX Scudder Aggressive Growth B KGGCX Scudder Aggressive Growth C KGGIX Scudder Aggressive Growth Instl KBCAX Scudder Blue Chip A KBCBX Scudder Blue Chip B KBCCX Scudder Blue Chip C KBCIX Scudder Blue Chip Instl KBCSX Scudder Blue Chip Svc SDGAX Scudder Capital Growth A ACGFX Scudder Capital Growth AARP SDGBX Scudder Capital Growth B SDGCX Scudder Capital Growth C SDGTX Scudder Capital Growth Instl SDGRX Scudder Capital Growth R SCGSX Scudder Capital Growth S SKNRX Scudder Commodity Securities A SKBRX Scudder Commodity Securities B SKCRX Scudder Commodity Securities C SKIRX Scudder Commodity Securities Inst SKSRX Scudder Commodity Securities S SDVLX Scudder Development AARP SCDVX Scudder Development S LOPEX Scudder Dreman Concentrated Value A LOPBX Scudder Dreman Concentrated Value B LOPCX Scudder Dreman Concentrated Value C LOPIX Scudder Dreman Concentrated Value I KDFAX Scudder Dreman Financial Services A KDFBX Scudder Dreman Financial Services B KDFCX Scudder Dreman Financial Services C KDHAX Scudder Dreman High Return Eq A KDHBX Scudder Dreman High Return Eq B KDHCX Scudder Dreman High Return Eq C KDHIX Scudder Dreman High Return Eq Instl KDHRX Scudder Dreman High Return Equity R KDHSX Scudder Dreman High Return Equity S KDSAX Scudder Dreman Small Cap Value A KDSBX Scudder Dreman Small Cap Value B KDSCX Scudder Dreman Small Cap Value C KDSSX Scudder Dreman Small Cap Value Fund Class S KDSIX Scudder Dreman Small Cap Value Instl KDSRX Scudder Dreman Small Cap Value R KSCAX SCUDDER DYNAMIC GROWTH FUND CLA KSCBX SCUDDER DYNAMIC GROWTH FUND CLA KSCCX SCUDDER DYNAMIC GROWTH FUND CLA KSCIX SCUDDER DYNAMIC GROWTH FUND INS BTAEX Scudder EAFE Equity Index Instl SEKAX Scudder Emerging Markets A SEMMX Scudder Emerging Markets AARP SEKBX Scudder Emerging Markets B SEKCX Scudder Emerging Markets C SZEAX Scudder Emerging Markets Income A SEMKX Scudder Emerging Markets Income AARP SZEBX Scudder Emerging Markets Income B SZECX Scudder Emerging Markets Income C SCEMX Scudder Emerging Markets Income S SEMGX Scudder Emerging Markets S BTIIX Scudder Equity 500 Index Instl BTIEX Scudder Equity 500 Index Invm SFXAX Scudder Fixed Income A SFXBX Scudder Fixed Income B SFXCX Scudder Fixed Income C MFINX Scudder Fixed Income Instl MFISX Scudder Fixed Income Invm SFXRX Scudder Fixed Income R SFXSX Scudder Fixed Income Svc TISHX Scudder Flag Communications A FTEBX Scudder Flag Communications B FTICX Scudder Flag Communications C FLICX Scudder Flag Communications Instl FLEPX Scudder Flag Equity Partners A FEPBX Scudder Flag Equity Partners B FEPCX Scudder Flag Equity Partners C FLIPX Scudder Flag Equity Partners Instl FLVBX Scudder Flag Value Builder A FVBBX Scudder Flag Value Builder B FVBCX Scudder Flag Value Builder C FLIVX Scudder Flag Value Builder Instl SGQAX Scudder Global A ACOBX Scudder Global AARP SGQBX Scudder Global B SZGAX Scudder Global Bond A SGBDX Scudder Global Bond AARP SZGBX Scudder Global Bond B SZGCX Scudder Global Bond C SSTGX Scudder Global Bond S SGQCX Scudder Global C XGCSX Scudder Global Commodities Stock Fund, Inc. KGDAX Scudder Global Discovery A SGDPX Scudder Global Discovery AARP KGDBX Scudder Global Discovery B KGDCX Scudder Global Discovery C SGSCX Scudder Global Discovery S XLBFX Scudder Global High Income Fund Inc. SGQRX Scudder Global R SCOBX Scudder Global S AGNMX Scudder GNMA AARP SGINX Scudder GNMA S SGDAX Scudder Gold & Precious Metals A SGLDX Scudder Gold & Precious Metals AARP SGDBX Scudder Gold & Precious Metals B SGDCX Scudder Gold & Precious Metals C SCGDX Scudder Gold & Precious Metals S SERAX Scudder Greater Europe A SGEGX Scudder Greater Europe AARP SERBX Scudder Greater Europe B SERCX Scudder Greater Europe C SERNX Scudder Greater Europe Inst SCGEX Scudder Greater Europe S SUWAX Scudder Growth & Income A ACDGX Scudder Growth & Income AARP SUWBX Scudder Growth & Income B SUWCX Scudder Growth & Income C SUWIX Scudder Growth & Income Instl SUWRX Scudder Growth & Income R SCDGX Scudder Growth & Income S SUHAX Scudder Health Care A SHCAX Scudder Health Care AARP SUHBX Scudder Health Care B SUHCX Scudder Health Care C SUHIX Scudder Health Care Instl SCHLX Scudder Health Care S KHYAX Scudder High Income A KHYBX Scudder High Income B KHYCX Scudder High Income C KHYIX Scudder High Income Instl SGHAX Scudder High Income Plus A SGHTX Scudder High Income Plus AARP SGHBX Scudder High Income Plus B SGHCX Scudder High Income Plus C MGHYX Scudder High Income Plus Instl MGHVX Scudder High Income Plus Invm MGHPX Scudder High Income Plus Prem SGHSX Scudder High Income Plus S XKHIX Scudder High Income Trust NOTAX Scudder High-Yield Tax-Free A SHYFX Scudder High-Yield Tax-Free AARP NOTBX Scudder High-Yield Tax-Free B NOTCX Scudder High-Yield Tax-Free C NOTIX Scudder High-Yield Tax-Free Instl SHYTX Scudder High-Yield Tax-Free S SZIAX Scudder Income A AINCX Scudder Income AARP SZIBX Scudder Income B SZICX Scudder Income C SZIIX Scudder Income Instl SCSBX Scudder Income S TIPAX Scudder Inflation Protected Plus A TIPTX Scudder Inflation Protected Plus B TIPCX Scudder Inflation Protected Plus C TIPIX Scudder Inflation Protected Plus Instl TIPSX Scudder Inflation Protected Plus S SZMAX Scudder Intermediate Tax/Amt Free A SMTTX Scudder Intermediate Tax/Amt Free AARP SZMBX Scudder Intermediate Tax/Amt Free B SZMCX Scudder Intermediate Tax/Amt Free C SZMIX Scudder Intermediate Tax/AMT Free Instl SZMVX Scudder Intermediate Tax/AMT Free Inv SCMTX Scudder Intermediate Tax/Amt Free S SUIAX Scudder International A AINTX Scudder International AARP SUIBX Scudder International B SUICX Scudder International C DBAIX Scudder International Equity A DBBIX Scudder International Equity B DBCIX Scudder International Equity C BEIIX Scudder International Equity Instl BTEQX Scudder International Equity Invm SUIIX Scudder International Instl SCINX Scudder International S DBISX Scudder International Sel Eq A DBIBX Scudder International Sel Eq B DBICX Scudder International Sel Eq C MGINX Scudder International Sel Eq Instl MGIVX Scudder International Sel Eq Invm MGIPX Scudder International Sel Eq Prem DBITX Scudder International Sel Eq R DBIVX Scudder International Sel Eq S FJEAX Scudder Japanese Equity A FJEBX Scudder Japanese Equity B FJECX Scudder Japanese Equity C FJESX Scudder Japanese Equity S KDCAX Scudder Large Cap Value A KDCPX Scudder Large Cap Value AARP KDCBX Scudder Large Cap Value B KDCCX Scudder Large Cap Value C KDCIX Scudder Large Cap Value Inst KDCRX Scudder Large Cap Value R KDCSX Scudder Large Cap Value S SGGAX Scudder Large Company Growth A SLGRX Scudder Large Company Growth AARP SGGBX Scudder Large Company Growth B SGGCX Scudder Large Company Growth C SGGIX Scudder Large Company Growth Instl SCQRX Scudder Large Company Growth R SCQGX Scudder Large Company Growth S SDVNX SCUDDER LARGE COMPANY VALUE FD SLCOX SCUDDER LARGE COMPANY VALUE FD SCDUX SCUDDER LARGE COMPANY VALUE FUN SDVAX SCUDDER LARGE COMPANY VALUE FUN SDVBX SCUDDER LARGE COMPANY VALUE FUN SDVCX SCUDDER LARGE COMPANY VALUE FUN SLANX Scudder Latin America A SLAMX Scudder Latin America AARP SLAOX Scudder Latin America B SLAPX Scudder Latin America C SLALX Scudder Latin America Fund Class M SLAFX Scudder Latin America S BTAMX Scudder Lifecycle Long Range Instl BTILX Scudder Lifecycle Long Range Invm BTLRX Scudder Lifecycle Mid Range Invm BTSRX Scudder Lifecycle Short Range Invm PPIAX Scudder Limited-Duration Plus A PPLCX Scudder Limited-Duration Plus C DBPIX Scudder Limited-Duration Plus Inv SQMAX Scudder MA Tax-Free A SMAFX Scudder MA Tax-Free AARP SQMBX Scudder MA Tax-Free B SQMCX Scudder MA Tax-Free C SCMAX Scudder MA Tax-Free S SMLAX Scudder Managed Municipal Bonds A AMUBX Scudder Managed Municipal Bonds AARP SMLBX Scudder Managed Municipal Bonds B SMLCX Scudder Managed Municipal Bonds C SMLIX Scudder Managed Municipal Bonds Instl SCMBX Scudder Managed Municipal Bonds S MGMBX SCUDDER MG INVT TRUST MUNI BOND MMBSX SCUDDER MG INVT TRUST MUNI BOND SMFAX Scudder Micro Cap A SMFBX Scudder Micro Cap B SMFCX Scudder Micro Cap C MGMCX Scudder Micro Cap Instl MMFSX Scudder Micro Cap Invm SMFSX Scudder Micro Cap Svc SMCAX Scudder Mid Cap Growth A SMCBX Scudder Mid Cap Growth B SMCCX Scudder Mid Cap Growth C BTEAX Scudder Mid Cap Growth Instl BTCAX Scudder Mid Cap Growth Invm SMCRX Scudder Mid Cap Growth R SMCSX Scudder Mid Cap Growth Svc XKMMX Scudder Multi Market Income Trust XSAFX Scudder New Asia Fund, Inc. SPAOX Scudder Pacific Opportunities A SPOPX Scudder Pacific Opportunities AARP SBPOX Scudder Pacific Opportunities B SPCCX Scudder Pacific Opportunities C SCOPX Scudder Pacific Opportunities S SUCAX Scudder Pathway Conservative A APWCX Scudder Pathway Conservative AARP SUCBX Scudder Pathway Conservative B SUCCX Scudder Pathway Conservative C SCPCX Scudder Pathway Conservative S SUPAX Scudder Pathway Growth A APWGX Scudder Pathway Growth AARP SUPBX Scudder Pathway Growth B SUPCX Scudder Pathway Growth C PLUSX Scudder Pathway Growth Plus A PLSBX Scudder Pathway Growth Plus B PLSCX Scudder Pathway Growth Plus C PPLSX Scudder Pathway Growth Plus S SPGRX Scudder Pathway Growth S SPDAX Scudder Pathway Moderate A SPWBX Scudder Pathway Moderate AARP SPDBX Scudder Pathway Moderate B SPDCX Scudder Pathway Moderate C SPBAX Scudder Pathway Moderate S KRFFX Scudder Retirement VI KRFGX Scudder Retirement VII XSROX Scudder RREEF Real Estate Fund II, Inc. XSRQX Scudder RREEF Real Estate Fund Inc RRRRX Scudder RREEF Real Estate Sec Instl RRRAX Scudder RREEF Real Estate Secs A RRRBX Scudder RREEF Real Estate Secs B RRRCX Scudder RREEF Real Estate Secs C RRRSX Scudder RREEF Real Estate Secs R RRREX Scudder RREEF Real Estate Secs S ASPIX Scudder S&P 500 Index AARP SXPAX Scudder S&P 500 Index Fund Class A SXPBX Scudder S&P 500 Index Fund Class B SXPCX Scudder S&P 500 Index Fund Class C SCPIX Scudder S&P 500 Index S OUTDX Scudder Select 500 A SSLFX Scudder Select 500 AARP OUTBX Scudder Select 500 B OUTCX Scudder Select 500 C OUTRX Scudder Select 500 R SSFFX Scudder Select 500 S SDUAX Scudder Short Duration A SDUBX Scudder Short Duration B SDUCX Scudder Short Duration C MGSFX Scudder Short Duration Instl SDUSX Scudder Short Duration Svc SRMSX Scudder Short Term Municipal Bond S SZBAX Scudder Short-Term Bond A ASHTX Scudder Short-Term Bond AARP SZBBX Scudder Short-Term Bond B SZBCX Scudder Short-Term Bond C SCSTX Scudder Short-Term Bond S SRMAX Scudder Short-Term Muni Bd A SRMBX Scudder Short-Term Muni Bd B SRMCX Scudder Short-Term Muni Bd C MGSMX Scudder Short-Term Muni Bd Instl MSMSX Scudder Short-Term Muni Bd Invm SSDAX Scudder Small Cap Growth A SSDPX Scudder Small Cap Growth AARP SSDBX Scudder Small Cap Growth B SSDCX Scudder Small Cap Growth C SSDIX Scudder Small Cap Growth Instl BTSCX Scudder Small Cap Growth Invmt SSDRX Scudder Small Cap Growth R SSDSX Scudder Small Cap Growth S SZCAX Scudder Small Company Stock A ASCSX Scudder Small Company Stock AARP SZCBX Scudder Small Company Stock B SZCCX Scudder Small Company Stock C SSLCX Scudder Small Company Stock S SAAUX Scudder Small Company Value A SABUX Scudder Small Company Value B SACUX Scudder Small Company Value C SCSUX Scudder Small Company Value S KCTAX Scudder State Tax-Free Income CA A KCTBX Scudder State Tax-Free Income CA B KCTCX Scudder State Tax-Free Income CA C SDCSX Scudder State Tax-Free Income CA S KNTAX Scudder State Tax-Free Income NY A KNTBX Scudder State Tax-Free Income NY B KNTCX Scudder State Tax-Free Income NY C SNWYX Scudder State Tax-Free Income NY S KSTAX Scudder Strategic Income A KSTBX Scudder Strategic Income B KSTCX Scudder Strategic Income C KSTSX Scudder Strategic Income Svc XKSTX Scudder Strategic Income Trust KRFAX Scudder Target 2010 KRFBX Scudder Target 2011 KRFCX Scudder Target 2012 KRFDX Scudder Target 2013 KRFEX Scudder Target 2014 SDDAX Scudder Tax Adv Dividend A SDDBX Scudder Tax Adv Dividend B SDDCX Scudder Tax Adv Dividend C SDDGX Scudder Tax Adv Dividend Inst SDDSX Scudder Tax Advantaged Dividend Fund Class S KTCAX Scudder Technology A KTCPX Scudder Technology AARP KTCBX Scudder Technology B KTCCX Scudder Technology C STCHX SCUDDER TECHNOLOGY FD CLASS AAR SCUTX SCUDDER TECHNOLOGY INNOVATION F SRIAX SCUDDER TECHNOLOGY INNOVATION F SRIBX SCUDDER TECHNOLOGY INNOVATION F SRICX SCUDDER TECHNOLOGY INNOVATION F KTCIX Scudder Technology Instl KTCSX Scudder Technology S KTRAX Scudder Total Return A KTRPX Scudder Total Return AARP KTRBX Scudder Total Return B KTRCX Scudder Total Return C KTRIX Scudder Total Return Instl KTRRX Scudder Total Return R KTRSX Scudder Total Return S KUSAX Scudder U.S. Government Securities A KUSBX Scudder U.S. Government Securities B KUSCX Scudder U.S. Government Securities C KUSMX Scudder U.S. Government Securities Fund Class M KUSIX Scudder U.S. Government Securities Instl BTUSX Scudder US Bond Index Instl MIDIX Scudder-Dreman Mid Cao Value Fund institutional Cl MIDVX Scudder-Dreman Mid Cap Value Fund Class A MIDYX Scudder-Dreman Mid Cap Value Fund Class B MIDZX Scudder-Dreman Mid Cap Value Fund Class C MIDTX Scudder-Dreman Mid Cap Value Fund Class S
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 Scudder 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 Scudder 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.