BALTIMORE, Jan. 25, 2004 (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 all purchasers of the securities of the Scudder family of funds operated by Deutsche Bank AG (NYSE:DB), Scudder Investments, Deutsche Investment Management Americas, Inc. and Deutsche Asset Management, Inc. between January 22, 1999 and January 12, 2004, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.
The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:
Scudder 21st Century Growth Fund (Sym: SCNAX, SCNBX, SCNCX)
Scudder Aggressive Growth Fund (Sym: KGGAX, KGGBX, KGGCX)
Scudder Blue Chip Fund (Sym: KBCAX, KBCBX, KBCCX)
Scudder Capital Growth Fund (Sym: SDGAX, SDGBX, SDGCX, SDGRX, SDGTX)
Scudder Dynamic Growth Fund (Sym: KSCAX, KSCBX, KSCCX)
Scudder Flag Investors Communications Fund (Sym: TISHX, FTEBX, FTICX, FLICX)
Scudder Global Biotechnology Fund (Sym: DBBTX, DBBBX, DBBCX)
Scudder Gold & Precious Metals Fund (Sym: SGDAX, SGDBX, SGDCX)
Scudder Growth Fund (Sym: KGRAX, KGRBX, KGRCX)
Scudder Health Care Fund Sym: SUHAX, SUHBX, SUHCX)
Scudder Large Company Growth Fund (Sym: SGGAX, SGGBX, SGGCX, SCQRX)
Scudder Micro Cap Fund (Sym: SMFAX, SMFBX, SMFCX, MGMCX, MMFSX)
Scudder Mid Cap Fund (Sym: SMCAX, SMCBX, SMCCX, SMCRX, BTEAX, BTCAX)
Scudder Small Cap Fund (Sym: SSDAX, SSDBX, SSDCX, SSDRX, BTSCX)
Scudder Strategic Growth Fund (Sym: SCDAX, SCDBX, SCDCX, SCDIX)
Scudder Technology Fund (Sym: KTCAX, KTCBX, KTCCX, KTCIX )
Scudder Technology Innovation Fund (Sym: SRIAX, SRIBX, SRICX)
Scudder Top 50 US Fund (Sym: FAUSX, FBUSX, FCUSX)
Scudder Contrarian Fund (Sym: KDCAX, KDCBX, KDCCX, KDCRX)
Scudder-Dreman Financial Services Fund (Sym: KDFAX, KDFBX, KDFCX)
Scudder-Dreman High Return Equity Fund (Sym: KDHAX, KDHBX, KDHCX, KDHRX,KDHIX)
Scudder-Dreman Small Cap Value Fund (Sym: KDSAX, KDSBX, KDSCX, KDSRX, KDSIX)
Scudder Flag Investors Equity Partners Fund (Sym: FLEPX, FEPBX, FEPCX, FLIPX)
Scudder Growth & Income Fund (Sym: SUWAX, SUWBX, SUWCX, SUWRX, SUWIX)
Scudder Large Company Value Fund (Sym: SDVAX, SDVBX, SDVCX)
Scudder-RREEF Real Estate Securities Fund (Sym: RRRAX, RRRBX, RRRCX,RRRSX, RRRRX)
Scudder Small Company Stock Fund (Sym: SZCAX, SZCBX, SZCCX)
Scudder Small Company Value Fund (Sym: SAAUX, SABUX, SACUX)
Scudder Tax Advantaged Dividend Fund (Sym: SDDAX, SDDBX, SDDCX, SDDGX)
Scudder Flag Investors Value Builder Fund (Sym: FLVBX, FVBBX, FVBCX, FLIVX)
Scudder Focus Value+Growth Fund (Sym: KVGAX, KVGBX, KVGCX)
Scudder Lifecycle Mid Range Fund (Sym: BTLRX)
Scudder Lifecycle Long Range Fund (Sym: BTILX, BTAMX)
Scudder Lifecycle Short Range Fund (Sym: BTSRX)
Scudder Pathway Conservative Portfolio (Sym: SUCAX, SUCBX, SUCCX)
Scudder Pathway Growth Portfolio (Sym: SUPAX, SUPBX, SUPCX)
Scudder Pathway Moderate Portfolio (Sym: SPDAX, SPDBX, SPDCX)
Scudder Retirement Fund Series V (Sym: KRFEX)
Scudder Retirement Fund Series VI (Sym: KRFGX)
Scudder Retirement Fund Series VII (Sym: KRFGX)
Scudder Target 2010 Fund (Sym: KRFBX)
Scudder Target 2012 Fund (Sym: KRFCX)
Scudder Target 2013 Fund (Sym: KRFDX)
Scudder Total Return Fund (Sym: KTRAX, KTRBX, KTRCX, KTRGX)
Scudder Emerging Markets Growth Fund (Sym: SEKAX, SEKBX, SEKCX)
Scudder Emerging Markets Income Fund (Sym: SZEAX, SZEBX, SZECX)
Scudder European Equity Fund (Sym: DBEAX, DBEBX, DBECX, MEUEX, MEUVX)
Scudder Global Fund (Sym: SGQAX, SGQBX, SGQCX, SGQRX)
Scudder Global Bond Fund (Sym: SZGAX, SZGBX, SZGCX)
Scudder Global Discovery Fund (Sym: KGDAX, KGDBX, KGDCX)
Scudder Greater Europe Growth Fund (Sym: SERAX, SERBX, SERCX)
Scudder International Fund (Sym: SUIAX, SUIBX, SUICX)
Scudder International Equity Fund (Sym: DBAIX, DBBIX, DBCIX, BEIIX,BEITX, BTEQX)
Scudder International Select Equity Fund (Sym: DBISX, DBIBX, DBICX,DBITX, MGINX, MGIVX, MGIPX)
Scudder Japanese Equity Fund (Sym: FJEAX, FJEBX, FJECX)
Scudder Latin America Fund (Sym: SLANX, SLAOX, SLAPX)
Scudder New Europe Fund (Sym: KNEAX, KNEBX, KNECX, KNEIX)
Scudder Pacific Opportunities Fund (Sym: SPAOX, SBPOX, SPCCX)
Scudder Worldwide 2004 Fund (Sym: KWIVX)
Scudder Fixed Income Fund (Sym: SFXAX, SFXBX, SFXCX, SFXRF, MFINX, MFISX)
Scudder High Income Plus Fund (Sym: MGHYX, MGHVX, MGHPX)
Scudder High Income Fund (Sym: KHYAX, KHYBX, KHYCX, KHYIX)
Scudder High Income Opportunity Fund (Sym: SYOAX, SYOBX, SYOCX)
Scudder Income Fund (Sym: SZIAX, SZIBX, SZICX)
Scudder PreservationPlus Fund (Sym: BTPIX, BTPSX)
Scudder PreservationPlus Income Fund (Sym: PPIAX, PPLCX, DBPIX)
Scudder Short Term Bond Fund (Sym: SZBAX, SZBBX, SZBCX
Scudder Short Duration Fund (Sym: SDUAX, SDUBX, SDUCX, MGSFX)
Scudder Strategic Income Fund (Sym: KSTAX, KSTBX, KSTCX)
Scudder US Government Securities Fund (Sym: KUSAX, KUSBX, KUSCX)
Scudder California Tax-Free Income Fund (Sym: KCTAX, KCTBX, KCTCX)
Scudder Florida Tax-Free Income Fund (Sym: KFLAX, KFLBX, KFLCX)
Scudder High Yield Tax-Free Fund (Sym: NOTAX, NOTBX, NOTCX, NOTIX)
Scudder Intermediate Tax/AMT Free Fund (Sym: SZMAX, SZMBX, SZMCX)
Scudder Managed Municipal Bond Fund (Sym: SMLAX, SMLBX, SMLCX, SMLIX)
Scudder Massachusetts Tax-Free Fund (Sym: SQMAX, SQMBX, SQMCX)
Scudder Municipal Bond Fund (Sym: MGMBX, MMBSX)
Scudder New York Tax-Free Income Fund (Sym: KNTAX, KNTBX, KNTCX)
Scudder Short Term Municipal Bond Fund (Sym: SRMAX, SRMBX, SRMCX, MGSMX,MSMSX)
Scudder EAFE (r) Equity Index Fund (Sym: BTAEX, BTIEX)
Scudder Equity 500 Index Fund (Sym: BTIIX)
Scudder S&P 500 Stock Fund (Sym: KSAAX, KSABX, KSACX)
Scudder Select 500 Fund (Sym: OUTDX, OUTBX, OUTBX, OUTRX
Scudder US Bond Index Fund (Sym: BTUSX )
Scudder Cash Reserves Fund
The wrongful conduct alleged in and which is the subject of the lawsuit relates to "timing." As used, "timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares to turn a quick profit. The lawsuit alleges that timing injures ordinary mutual fund investors who are not allowed to engage in such practices and benefits the mutual fund companies.
No class has yet been certified in the lawsuit. 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 January 22, 1999 and January 12, 2004, inclusive, and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than March 22, 2004.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.