Deutsche Bank AG and Scudder Investments : Scudder Family of Funds

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Copyright (c) 2001
Stanford Law School

Deutsche Bank AG and Scudder Investments : Scudder Family of Funds Summary: According to the latest docket dated December 12, 2007, discovery has been proceeding in the multi-district mutual funds litigation. Simultaneously, some of the defendants have been involved in settlement discussions with the plaintiffs. This settlement process has been impacted by parallel regulatory proceedings occurring at the Securities and Exchange Commission (“SEC”). Nevertheless, the court has been advised that several settlements have been agreed upon in principle. Additionally, numerous individuals and firms have been voluntarily dismissed by plaintiffs throughout 2005 and 2006. On June 11, 2007, the over-seeing judges issued a scheduling order calling for completion of discovery by March 28, 2008.

Additionally, oral arguments concerning numerous pending motions for dismissal were held on October 5, 2007. Those motions were ordered denied on October 19, 2007.

Numerous motions to dismiss various complaints were filed on February 25 and March 7, 2005.

In March 2004, by the Order from the Judicial Panel on Multidistrict Litigation, the case was transferred from the U.S. District Court for the Central District of California to the U.S. District Court for the District of Maryland. The case is now being handled under In re: Mutual Funds Litigation, case number 04-md-15862.

According to a press release dated January 23, 2004, the Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges 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.

The Funds, and the symbols for the respective Funds named below, are as follows:

Scudder 21st Century Growth Fund (SCNAX, SCNBX, SCNCX) Scudder Aggressive Growth Fund (KGGAX, KGGBX, KGGCX) Scudder Blue Chip Fund (KBCAX, KBCBX, KBCCX) Scudder Capital Growth Fund (SDGAX, SDGBX, SDGCX, SDGRX, SDGTX) Scudder Dynamic Growth Fund (KSCAX, KSCBX, KSCCX) Scudder Flag Investors Communications Fund (TISHX, FTEBX, FTICX, FLICX) Scudder Global Biotechnology Fund (DBBTX, DBBBX, DBBCX) Scudder Gold & Precious Metals Fund (SGDAX, SGDBX, SGDCX) Scudder Growth Fund (KGRAX, KGRBX, KGRCX) Scudder Health Care Fund Sym: SUHAX, SUHBX, SUHCX) Scudder Large Company Growth Fund (SGGAX, SGGBX, SGGCX, SCQRX) Scudder Micro Cap Fund (SMFAX, SMFBX, SMFCX, MGMCX, MMFSX) Scudder Mid Cap Fund (SMCAX, SMCBX, SMCCX, SMCRX, BTEAX, BTCAX) Scudder Small Cap Fund (SSDAX, SSDBX, SSDCX, SSDRX, BTSCX) Scudder Strategic Growth Fund (SCDAX, SCDBX, SCDCX, SCDIX) Scudder Technology Fund (KTCAX, KTCBX, KTCCX, KTCIX ) Scudder Technology Innovation Fund (SRIAX, SRIBX, SRICX) Scudder Top 50 US Fund (FAUSX, FBUSX, FCUSX) Scudder Contrarian Fund (KDCAX, KDCBX, KDCCX, KDCRX) Scudder-Dreman Financial Services Fund (KDFAX, KDFBX, KDFCX) Scudder-Dreman High Return Equity Fund (KDHAX, KDHBX, KDHCX, KDHRX, KDHIX) Scudder-Dreman Small Cap Value Fund (Sym: KDSAX, KDSBX, KDSCX, KDSRX, KDSIX) Scudder Flag Investors Equity Partners Fund (FLEPX, FEPBX, FEPCX, FLIPX) Scudder Growth & Income Fund (SUWAX, SUWBX, SUWCX, SUWRX, SUWIX) Scudder Large Company Value Fund (SDVAX, SDVBX, SDVCX) Scudder-RREEF Real Estate Securities Fund (Sym: RRRAX, RRRBX, RRRCX, RRRSX, RRRRX) Scudder Small Company Stock Fund (SZCAX, SZCBX, SZCCX) Scudder Small Company Value Fund (SAAUX, SABUX, SACUX) Scudder Tax Advantaged Dividend Fund (SDDAX, SDDBX, SDDCX, SDDGX) Scudder Flag Investors Value Builder Fund (FLVBX, FVBBX, FVBCX, FLIVX) Scudder Focus Value+Growth Fund (KVGAX, KVGBX, KVGCX) Scudder Lifecycle Mid Range Fund (BTLRX) Scudder Lifecycle Long Range Fund (BTILX, BTAMX) Scudder Lifecycle Short Range Fund (BTSRX) Scudder Pathway Conservative Portfolio (Sym: SUCAX, SUCBX, SUCCX) Scudder Pathway Growth Portfolio (Sym: SUPAX, SUPBX, SUPCX) Scudder Pathway Moderate Portfolio (SPDAX, SPDBX, SPDCX) Scudder Retirement Fund Series V (KRFEX) Scudder Retirement Fund Series VI (KRFGX) Scudder Retirement Fund Series VII (KRFGX) Scudder Target 2010 Fund (KRFBX) Scudder Target 2012 Fund (KRFCX) Scudder Target 2013 Fund (KRFDX) Scudder Total Return Fund (KTRAX, KTRBX, KTRCX, KTRGX) Scudder Emerging Markets Growth Fund (SEKAX, SEKBX, SEKCX) Scudder Emerging Markets Income Fund (SZEAX, SZEBX, SZECX) Scudder European Equity Fund (Sym: DBEAX, DBEBX, DBECX, MEUEX, MEUVX) Scudder Global Fund (SGQAX, SGQBX, SGQCX, SGQRX) Scudder Global Bond Fund (SZGAX, SZGBX, SZGCX) Scudder Global Discovery Fund (KGDAX, KGDBX, KGDCX) Scudder Greater Europe Growth Fund (SERAX, SERBX, SERCX) Scudder International Fund (SUIAX, SUIBX, SUICX) Scudder International Equity Fund (DBAIX, DBBIX, DBCIX, BEIIX, BEITX, BTEQX) Scudder International Select Equity Fund (Sym: DBISX, DBIBX, DBICX, DBITX, MGINX, MGIVX, MGIPX) Scudder Japanese Equity Fund ( FJEAX, FJEBX, FJECX) Scudder Latin America Fund (SLANX, SLAOX, SLAPX) Scudder New Europe Fund (KNEAX, KNEBX, KNECX, KNEIX) Scudder Pacific Opportunities Fund (SPAOX, SBPOX, SPCCX) Scudder Worldwide 2004 Fund (KWIVX) Scudder Fixed Income Fund (SFXAX, SFXBX, SFXCX, SFXRF, MFINX, MFISX) Scudder High Income Plus Fund (Sym: MGHYX, MGHVX, MGHPX) Scudder High Income Fund (KHYAX, KHYBX, KHYCX, KHYIX) Scudder High Income Opportunity Fund (SYOAX, SYOBX, SYOCX) Scudder Income Fund (SZIAX, SZIBX, SZICX) Scudder PreservationPlus Fund (BTPIX, BTPSX) Scudder PreservationPlus Income Fund (Sym: PPIAX, PPLCX, DBPIX) Scudder Short Term Bond Fund (SZBAX, SZBBX, SZBCX Scudder Short Duration Fund (SDUAX, SDUBX, SDUCX, MGSFX) Scudder Strategic Income Fund (KSTAX, KSTBX, KSTCX) Scudder US Government Securities Fund (KUSAX, KUSBX, KUSCX) Scudder California Tax-Free Income Fund (KCTAX, KCTBX, KCTCX) Scudder Florida Tax-Free Income Fund (KFLAX, KFLBX, KFLCX) Scudder High Yield Tax-Free Fund (NOTAX, NOTBX, NOTCX, NOTIX) Scudder Intermediate Tax/AMT Free Fund (SZMAX, SZMBX, SZMCX) Scudder Managed Municipal Bond Fund (SMLAX, SMLBX, SMLCX, SMLIX) Scudder Massachusetts Tax-Free Fund (SQMAX, SQMBX, SQMCX) Scudder Municipal Bond Fund (MGMBX, MMBSX) Scudder New York Tax-Free Income Fund (KNTAX, KNTBX, KNTCX) Scudder Short Term Municipal Bond Fund (SRMAX, SRMBX, SRMCX, MGSMX, MSMSX) Scudder EAFE (R) Equity Index Fund (BTAEX, BTIEX) Scudder Equity 500 Index Fund (BTIIX) Scudder S&P 500 Stock Fund (KSAAX, KSABX, KSACX) Scudder Select 500 Fund (OUTDX, OUTBX, OUTBX, OUTRX Scudder US Bond Index Fund (Sym: BTUSX ) Scudder Cash Reserves Fund

INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Money Center Banks

COMPANY/ISSUER NAME:	Deutsche Bank AG and Scudder Investments
COMPANY/ISSUER TICKER:	DB
COMPANY WEBSITE:	http://www.deutsche-bank.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Michael Smith, et al. v. Deutsche Bank AG and Scudder Investments, et al.

COURT: S.D. New York	DOCKET NUMBER: 04-CV-00520
JUDGE NAME: Hon. Shira A Scheindlin
DATE FILED: 01/22/2004	SOURCE: Other
CLASS PERIOD START: 01/22/1999	CLASS PERIOD END: 01/12/2004
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Abraham & Associates One Penn Plaza, Suite 1910, New York, NY, 10119 (voice) 212.714.244, (fax) 212.279365, Larryl@abrahamlaw.com Abraham, Fruchter & Twersky 60 East 42 Street, New York, NY, 10021 (voice) 212.687.6655, (fax) , Cauley Geller Bowman Coates & Rudman, LLP (New York) 200 Broadhollow, Suite 406, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL) One Boca Place. 2255 Glades Road, Suite 421A, Boca Raton, FL, 33431 (voice) 561.750.3000, (fax) 561.750.3364, Emerson Poynter LLP 2228 Cottondale Avenue, Suite 100, Little Rock, AR, 72202 (voice) 800.663.9817, (fax) 501.907.2556, epllp@emersonpoynter.com Law Offices of Charles J. Piven, P.A. World Trade Center-Baltimore,401 East Pratt Suite 2525, Baltimore, MD, 21202 (voice) 410.332.0030, (fax) , pivenlaw@erols.com Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , Murray, Frank & Sailer LLP 275 Madison Ave 34th Flr, New York, NY, 10016 (voice) 212.682.1818, (fax) 212.682.1892, email@murrayfrank.com Reinhardt, Wendorf & Blanchfield Attorneys at Law E-1000 First National Bank Building, 332 Minnesota Street, St. Paul, MN, 55101 (voice) 800.465.1592, (fax) 651.297.6543, info@ralawfirm.com Stull, Stull & Brody (New York) 6 East 45th Street, New York, NY, 10017 (voice) 310.209.2468, (fax) 310.209.2087, SSBNY@aol.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 10

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 01/22/2003

REFERENCE COMPLAINT

In re: Excelsior, Federated, Scudder, AMCAP

COURT: D. Maryland	DOCKET NUMBER: 04-MD-15861
JUDGE NAME: Hon. Catherine C. Blake
DATE FILED: 09/29/2004	SOURCE: Business Wires
CLASS PERIOD START: 05/03/2001	CLASS PERIOD END: 07/03/2003
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Berger & Montague PC 1622 Locust Street, Philadelphia, PA, 19103 (voice) 800.424.6690, (fax) 215.875.4604, investorprotect@bm.net Brian Barry 1801 Avenue of the Stars, Suite 307 , Los Angeles, CA, 90067 (voice) 310.788.0831, (fax) 310.788.0841, bribarry1@yahoo.com Brower Piven The World Trade Center-Baltimore. 401 East Pratt Street, Suite 2525 , Baltimore, MD, (voice) , (fax) , Chimicles & Tikellis LLP 361 West Lancaster Avenue, Haverford, PA, 19041 (voice) 888.805.7848, (fax) 610.649.3633, mail@chimicles.com Goodkind Labaton Rudoff & Sucharow LLP 100 Park Avenue, New York, NY, 10017 (voice) 212.907.0700, (fax) 212.818.0477, info@glrslaw.com Kirby McInerney & Squire LLP 830 Third Avenue 10th Floor, New York Ave, NY, 10022 (voice) 212.317.2300, (fax) , Lieff, Cabraser, Heimann & Bernstein LLP Embarcadero Center West 275 Battery Street, Suite 3000, San Francisco, CA, 94111-3339 (voice) 415.956.1000, (fax) 415.956.1008, Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA) 355 S Grand Ave - Ste 4170, Los Angeles, CA, 90071-3172 (voice) 213.617.9007, (fax) , Much Shelist Freed Denenberg Ament & Rubenstein, PC , Chicago, IL, (voice) 800-470-6824, (fax) 312-621-1750, Pomerantz Haudek Block Grossman & Gross LLP 100 Park Avenue, 26th Floor, New York, NY, 10017-5516ven (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com Tydings & Rosenberg LLP 100 East Pratt Street, Baltimore, MD, 21202 (voice) 410.752.9700, (fax) 410.757.5460, webmaster@tydingslaw.com Wolf Haldenstein Adler Freeman & Herz LLP 270 Madison Avenue, New York, NY, 10016 (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com Wolf Popper, LLP 845 Third Avenue, New York, NY, 10022-6689Ave (voice) 877.370.7703, (fax) 212.486.2093, IRRep@wolfpopper.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 14

DOCUMENTS FOR THE REFERENCE COMPLAINT
U.S. District Court Civil Docket
Type: Docket		Date on the document: 12/12/2007

OTHER DOCUMENTS
Class Action Complaint
Case Name and/or Number: Malone
Type: Complaint		Date on the document: 01/23/2003
Class Action Complaint
Case Name and/or Number: Driscoll
Type: Complaint		Date on the document: 01/26/2003

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