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Rating:Scudder, DeAM Slapped with Class Action Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 22, 2004

Scudder, DeAM Slapped with Class Action

Reported by Sean Hanna, Editor in Chief

It was only a matter of time. Deutsche Asset Management's (DeAM) Scudder fund unit is facing a class action suit stemming from its recent disclosure that it had agreements with market timers.

The suit [action no. 04-CV-00520] was brought by Milberg Weiss Bershad Hynes & Lerach LLP in the Southern District of New York on Thursday. The law firm said it is representing those who purchased shares of any of 85 Scudder funds between January 22, 1999 and January 12, 2004. Judge Shira A. Scheindlin is scheduled to hear the case.

Milberg Weiss has been active in bringing suits against fund firms named in the still continuing series of mutual fund trading scandals. The firm also maintains two Web sites MutualFundsLitigation.com and MutualFundFraud.net to attract shareholders to its suits.

The complaint alleges that defendants violated the 1934 and 1940 Acts by failed to disclose that they improperly allowed favored investors to time the funds in return for extra fees. It also claims that the agreements were not included in the funds' prospectuses.  

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