Canadian Imperial Bank of Commerce ("CIBC") is one of Canada’s largest banking institutions, providing various financial products and services to corporate, government, and institutional clients in the U.S. and Canada.

According to a press release dated April 9, 2004, the Complaint alleges that Defendants violated Sections Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. It is also alleged that Defendants aided and abetted breaches of fiduciary duties by the officers, directors and other fiduciaries of the Funds. Throughout the Class Period, Defendants failed to disclose that they improperly financed the late trading and timing of the Funds' shares by certain hedge funds. Late trading refers to the practice of allowing an investor to purchase mutual fund shares after 4:00 P.M. EST at that day's price, as opposed to the next day's price, as mandated by applicable SEC rules. Timing is the frequent trading of mutual fund shares. Both practices are profitable to the privileged investors that are allowed to late trade and/or market time, but damage the funds and their shareholders. As alleged in the Complaint, Defendant Flynn negotiated and structured loan agreements and swaps, financed by CIBC, that gave the hedge funds the capital required to late trade and market time the Funds' shares using leverage of at least 3:1. The financing CIBC provided to the hedge funds, with knowledge that the monies would be used to late trade and market time the Funds' shares, allowed the hedge funds to engage in improper trading more often, and for larger volumes of shares, than they otherwise could have, thereby harming ordinary investors. On February 3, 2004, the New York Attorney General filed a criminal Complaint in New York State Court, charging Defendant Flynn with several felonies, including a scheme to defraud in the first degree and grand larceny in the first degree, among other charges, for his role in the late trading/market timing debacle.

On January 25, 2005 the case was stayed pending decision to include it in the Multi-District Litigation occurring in the District of Maryland.

On March 1, 2006, the Court issued an Order dismissing the claims without leave to amend.

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