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Case Status:    SETTLED
On or around 11/07/2007 (Ongoing date of last review)

Filing Date: December 11, 2003

3/23/07 Settlement and order signed by Judge Frederic Motz.

3/23/07 Joint Motion to Stay Action against MFS Defendants in contemplation of Settlement signed by judge Frederick Motz.

According to the latest docket dated November 5, 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.

On August 6, 2007 defendant Tandem Financial Services’ motion for summary judgment was granted in its favor and all claims were dismissed against Tandem. Janus Capital Group was successful in having claims dismissed against them on May 21, 2007.

On March 26, 2007 an order staying the proceedings against all the MFS defendants was put in effect in light of a pending settlement agreement.

Throughout 2005 and 2006 numerous individuals were voluntarily dismissed. Additionally, motions to dismiss were filed, and unsuccessfully argued, on the basis of lack of standing.

In April 2004, the case was transferred from the U.S.D.C. for the District of Massachusetts to the U.S.D.C. for the District of Maryland. The case is now being handled in Multidistrict Litigation under In Re Mutual Funds Investment Litigation, case number 04-MD-15863.

According to a press release dated December 11, 2003, plaintiffs charge defendants with violations of the Securities Act of 1933 (the 'Securities Act'), the Securities Exchange Act of 1934 (the 'Exchange Act'), among other claims, and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the MFS Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the Doe Defendants, to illegally engage in 'timing' of the MFS Mutual Funds whereby these favored investors were permitted to conduct short-term, 'in and out' trading of mutual fund shares, despite explicit restrictions on such activity in the MFS Mutual Funds' prospectuses.

The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:


MFS Capital Opportunities Fund (Nasdaq:MCOFX), (Nasdaq:MCOBX), (Nasdaq:MCOCX), (Nasdaq:MFCRX), (Nasdaq:MCOTX), (Nasdaq:EACOX), (Nasdaq:EBCOX), (Nasdaq:ECCOX);
MFS Core Growth Fund (Nasdaq:MFCAX), (Nasdaq:MFCBX), (Nasdaq:MFCCX), Nasdaq:MCFRX), (Nasdaq:MCRRX);
MFS Emerging Growth Fund (Nasdaq:MEGRX), (Nasdaq:MEGBX), (Nasdaq:MFECX), (Nasdaq:MFERX), (Nasdaq:MEGRX -News), (Nasdaq:EAGRX), (Nasdaq:EBEGX), (Nasdaq:ECEGX);
MFS Growth Opportunities Fund (Nasdaq:MGOFX), (Nasdaq:MGOBX -News);
MFS Large Cap Growth Fund (Nasdaq:MCGAX), (Nasdaq:MCGBX);
MFS Managed Sectors Fund (Nasdaq:MMNSX), (Nasdaq:MSEBX), (Nasdaq:MMNCX);
MFS Mid Cap Growth Fund (Nasdaq:OTCAX), (Nasdaq:OTCBX -News), (Nasdaq:OTCCX), (Nasdaq:MMCRX), (Nasdaq:MCPRX), (Nasdaq:EAMCX), (Nasdaq:EBCGX), (Nasdaq:ECGRX -News);
MFS New Discovery Fund (Nasdaq:MNDAX), (Nasdaq:MNDBX), (Nasdaq:MNDCX), (Nasdaq:MFNRX), (Nasdaq:MNDRX), (Nasdaq:EANDX), (Nasdaq:EBNDX), (Nasdaq:ECNDX);
MFS New Endeavor Fund (Nasdaq:MECAX), (Nasdaq:MECBX -News), (Nasdaq:MECCX), (Nasdaq:MNERX), (Nasdaq:MENRX -News);
MFS Research Fund (Nasdaq:MFRFX), (Nasdaq:MFRBX), (Nasdaq:MFRCX), (Nasdaq:MFRRX), (Nasdaq:MSRRX), (Nasdaq:EARFX), (Nasdaq:EBRFX), (Nasdaq:ECRFX);
MFS Strategic Growth Fund (Nasdaq:MFSGX), (Nasdaq:MSBGX -News), (Nasdaq:MFGCX), (Nasdaq:MSGRX), (Nasdaq:MSTRX), (Nasdaq:EASGX), (Nasdaq:EBSGX), (Nasdaq:ECSGX);
MFS Technology Fund (Nasdaq:MTCAX), (Nasdaq:MTCBX), (Nasdaq:MTCCX), (Nasdaq:MTQRX), (Nasdaq:MTERX);
Massachusetts Investors Growth Stock (Nasdaq:MIGFX), (Nasdaq:MIGBX), (Nasdaq:MIGDX), (Nasdaq:MIGRX), (Nasdaq:MIRGX), (Nasdaq:EISTX), (Nasdaq:EMIVX), (Nasdaq:EMICX);
MFS Mid Cap Value Fund (Nasdaq:MVCAX), (Nasdaq:MCBVX), (Nasdaq:MVCCX), (Nasdaq:MMVRX), (Nasdaq:MCVRX), (Nasdaq:EACVX), (Nasdaq:EBCVX), (Nasdaq:ECCVX);
MFS Research Growth and Income Fund (Nasdaq:MRGAX), (Nasdaq:MRGBX), (Nasdaq:MRGCX), (Nasdaq:MGIRX), (Nasdaq:MRERX);
MFS Strategic Value Fund (Nasdaq:MSVTX), (Nasdaq:MSVCX ), (Nasdaq:MQSVX), (Nasdaq:MSVRX), (Nasdaq:MVSRX), (Nasdaq:EASVX), (Nasdaq:EBSVX), (Nasdaq:ECSVX);
MFS Total Return Fund (Nasdaq:MSFRX), (Nasdaq:MTRBX), (Nasdaq:MTRCX), (Nasdaq:MFTRX), (Nasdaq:MTRRX), (Nasdaq:EATRX), (Nasdaq:EBTRX), (Nasdaq:ECTRX);
MFS Union Standard Equity Fund (Nasdaq:MUEAX), (Nasdaq:MUSBX), (Nasdaq:MUECX);
MFS Utilities Fund (Nasdaq:MMUFX), (Nasdaq:MMUBX), (Nasdaq:MMUCX), (Nasdaq:MMURX), (Nasdaq:MURRX);
MFS Value Fund (Nasdaq:MEIAX), (Nasdaq:MFEBX), (Nasdaq:MEICX), (Nasdaq:MFVRX), (Nasdaq:MVRRX), (Nasdaq:EAVLX), (Nasdaq:EBVLX), (Nasdaq:ECVLX);
Massachusetts Investors Trust (Nasdaq:MITTX), (Nasdaq:MITBX), (Nasdaq:MITCX), (Nasdaq:MITRX), (Nasdaq:MIRTX), (Nasdaq:EAMTX), (Nasdaq:EBMTX), (Nasdaq:ECITX);
MFS Aggressive Growth Allocation Fund (Nasdaq:MAAGX), (Nasdaq:MBAGX), (Nasdaq:MCAGX), (Nasdaq:MAARX), (Nasdaq:MAWAX), (Nasdaq:EAGTX), (Nasdaq:EBAAX), (Nasdaq:ECAAX);
MFS Conservative Allocation Fund (Nasdaq:MACFX), (Nasdaq:MACBX), (Nasdaq:MACVX), (Nasdaq:MACRX), (Nasdaq:MCARX), (Nasdaq:ECLAX), (Nasdaq:EBCAX), (Nasdaq:ECACX);
MFS Growth Allocation Fund (Nasdaq:MAGWX), (Nasdaq:MBGWX), (Nasdaq:MCGWX), (Nasdaq:MGARX), (Nasdaq:MGALX), (Nasdaq:EAGWX), (Nasdaq:EBGWX), (Nasdaq:ECGWX);
MFS Moderate Allocation Fund (Nasdaq:MAMAX), (Nasdaq:MMABX), (Nasdaq:MMACX), (Nasdaq:MAMRX), (Nasdaq:MARRX), (Nasdaq:EAMDX), (Nasdaq:EBMDX), (Nasdaq:ECMAX);
MFS Bond Fund (Nasdaq:MFBFX), (Nasdaq:MFBBX), (Nasdaq:MFBCX), (Nasdaq:MFBRX), (Nasdaq:MBRRX), (Nasdaq:EABDX), (Nasdaq:EBBDX), (Nasdaq:ECBDX);
MFS Emerging Markets Debt Fund (Nasdaq:MEDAX), (Nasdaq:MEDBX), (Nasdaq:MEDCX);
MFS Government Limited Maturity Fund (Nasdaq:MGLFX), (Nasdaq:MGLBX), (Nasdaq:MGLCX);
MFS Government Mortgage Fund (Nasdaq:MGMTX), (Nasdaq:MGTBX -News)
MFS Government Securities Fund (Nasdaq:MFGSX), (Nasdaq:MFGBX ), (Nasdaq:MFGDX), (Nasdaq:MGSRX), (Nasdaq:MGVSX), (Nasdaq:EAGSX), (Nasdaq:EBGSX), (Nasdaq:ECGSX);
MFS High Income Fund (Nasdaq:MHITX), (Nasdaq:MHIBX), (Nasdaq:MHICX), (Nasdaq:EAHIX), (Nasdaq:EMHBX), (Nasdaq:EMHCX; (Nasdaq:MHIIX), (Nasdaq:MHIRX);
MFS High Yield Opportunities Fund (Nasdaq:MHOAX), (Nasdaq:MHOBX), (Nasdaq:MHOCX), (Nasdaq:MHOIX);
MFS Intermediate Investment Grade Bond Fund (Nasdaq:MGBFX), (Nasdaq:MGBVX), (Nasdaq:MGBCX), (Nasdaq:MGBEX), (Nasdaq:MIBRX);
MFS Limited Maturity Fund (Nasdaq:MQLFX; Nasdaq:MQLBX), (Nasdaq:MQLCX), (Nasdaq:EALMX), (Nasdaq:EBLMX), (Nasdaq:ELDCX), (Nasdaq:MLDRX);
MFS Research Bond Fund (Nasdaq:MRBFX), (Nasdaq:MRBBX), (Nasdaq:MRBCX), (Nasdaq:EARBX), (Nasdaq:EBRBX), (Nasdaq:ECRBX), (Nasdaq:MRBIX), (Nasdaq:MRBRX);
MFS Strategic Income Fund (Nasdaq:MFIOX), (Nasdaq:MIOBX), (Nasdaq:MIOCX), (Nasdaq:MFIIX);
MFS Alabama Municipal Bond Fund (Nasdaq:MFALX), (Nasdaq:MBABX)
MFS Arkansas Municipal Bond Fund (Nasdaq:MFARX), (Nasdaq:MBARX)
MFS California Municipal Bond Fund (Nasdaq:MCFTX), (Nasdaq:MBCAX), (Nasdaq:MCCAX);
MFS Florida Municipal Bond Fund (Nasdaq:MFFLX), (Nasdaq:MBFLX);
MFS Georgia Municipal Bond Fund (Nasdaq:MMGAX), (Nasdaq:MBGAX);
MFS Maryland Municipal Bond Fund (Nasdaq:MFSMX), (Nasdaq:MBMDX);
MFS Massachusetts Municipal Bond Fund (Nasdaq:MFSSX), (Nasdaq:MBMAX);
MFS Mississippi Municipal Bond Fund (Nasdaq:MISSX), (Nasdaq:MBMSX),
MFS Municipal Bond Fund (Nasdaq:MMBFX), (Nasdaq:MMBBX);
MFS Municipal Limited Maturity Fund (Nasdaq:MTLFX), (Nasdaq:MTLBX), (Nasdaq:MTLCX);
MFS New York Municipal Bond Fund (Nasdaq:MSNYX), (Nasdaq:MBNYX), (Nasdaq:MCNYX);
MFS North Carolina Municipal Bond Fund (Nasdaq:MSNCX), (Nasdaq:MBNCX), (Nasdaq:MCNCX);
MFS Pennsylvania Municipal Bond Fund (Nasdaq:MFPAX), (Nasdaq:MBPAX);
MFS South Carolina Municipal Bond Fund (Nasdaq:MFSCX), (Nasdaq:MBSCX);
MFS Tennessee Municipal Bond Fund (Nasdaq:MSTNX), (Nasdaq:MBTNX);
MFS Virginia Municipal Bond Fund (Nasdaq:MSVAX), (Nasdaq:MBVAX), (Nasdaq:MVACX);
MFS West Virginia Municipal Bond Fund (Nasdaq:MFWVX), (Nasdaq:MBWVX);
MFS Emerging Markets Equity Fund (Nasdaq:MEMAX), (Nasdaq:MEMBX), (Nasdaq:MEMCX), (Nasdaq:MEMIX);
MFS Global Equity Fund(Nasdaq:MWEFX), (Nasdaq:MWEBX), (Nasdaq:MWECX), (Nasdaq:MWEIX), (Nasdaq:MGERX);
MFS Global Growth Fund (Nasdaq:MWOFX), (Nasdaq:MWOBX), (Nasdaq:MWOCX), (Nasdaq:MWOIX), (Nasdaq:MGLRX);
MFS Global Total Return Fund (Nasdaq:MFWTX), (Nasdaq:MFWBX), (Nasdaq:MFWCX), (Nasdaq:MFWIX), (Nasdaq:MGRRX);
MFS International Growth Fund (Nasdaq:MGRAX), (Nasdaq:MGRBX), (Nasdaq:MGRCX), (Nasdaq:MQGIX);
MFS International New Discovery Fund (Nasdaq:MIDAX), (Nasdaq:MIDBX), (Nasdaq:MIDCX), (Nasdaq:EAIDX), (Nasdaq:EBIDX), (Nasdaq:ECIDX), (Nasdaq:MWNIX), (Nasdaq:MINRX);
MFS International Value Fund (Nasdaq:MGIAX), (Nasdaq:MGIBX), (Nasdaq:MGICX), (Nasdaq:MINIX);
MFS Research International Fund (Nasdaq:MRSAX), (Nasdaq:MRIBX), (Nasdaq:MRICX), (Nasdaq:EARSX), (Nasdaq:EBRIX), (Nasdaq:ECRIX), (Nasdaq:MRSIX), (Nasdaq:MRIRX)

Note: Sun Life Financial owns more than 90% of MFS.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: SLF
Company Market: ETF
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maryland
DOCKET #: 03-CV-12500
JUDGE: Hon. William G. Young
DATE FILED: 12/11/2003
CLASS PERIOD START: 12/15/1998
CLASS PERIOD END: 12/08/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  4. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  5. Gilman & Pastor LLP (Saugus)
    Stonehill Corporate Center 999 Broadway Suite 500, Gilman & Pastor LLP (Saugus), MA 01906
    781.231.7850 781.231.7840 ·
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  8. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: D. Maryland
DOCKET #:
JUDGE: Hon. William G. Young
DATE FILED: 09/30/2004
CLASS PERIOD START: 12/15/1998
CLASS PERIOD END: 12/08/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Tydings & Rosenberg LLP
    100 East Pratt Street, Tydings & Rosenberg LLP, MD 21202
    410.752.9700 410.757.5460 · webmaster@tydingslaw.com
No Document Title Filing Date
No Document Title Filing Date