Several class actions have been filed against mutual funds managers Morgan Stanley, Morgan Stanley Advisors, LP, Morgan Stanley DW, Inc., Van Kampen Investments, Inc., and Van Kampen Asset Management, Inc. (various stock symbols) by persons who purchased the companies’ mutual funds between October 1, 1999, and December 31, 2002. The actions claim that the defendants violated federal securities laws by failing to disclose that they aggressively pushed their sales associates to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action also alleges that the advisors to the funds (Morgan Stanley Investment Advisors, Morgan Stanley Advisors, and Van Kampen Asset Management) paid excessive commissions, directly or indirectly, to Morgan Stanley DW (the broker dealer), which came directly out of the funds' assets, as payments to Morgan Stanley DW for its steering clients towards Morgan Stanley's proprietary funds, including the Van Kampen funds. The advisors allegedly profited from this scheme by earning increased management fees, while Morgan Stanley DW benefited from increased commissions and Morgan Stanley profited as the ultimate parent of Morgan Stanley DW and the advisors. The clear losers were the mutual fund purchasers, whose assets were allegedly diverted to line the defendants' pockets without any benefit to them whatsoever.
The funds, and their respective symbols, are as follows:
Van Kampen Advantage Municipal Income Trust (Nasdaq: VKA)
Van Kampen Advantage Municipal Income Trust II (Nasdaq: VKI)
Van Kampen Advantage Pennsylvania Municipal Income Trust (Nasdaq VAP)
Van Kampen Aggressive Growth Fund (Nasdaq: VAGAX, VAGBX, VAGCX)
Van Kampen American Value Fund (Nasdaq: MSAVX, MGAVX, MSVCX)
Van Kampen Asian Equity Fund (Nasdaq: MSAAX, MSBAX, MSCAX)
Van Kampen Bond Fund (Nasdaq: IOBIX, VBF)
Van Kampen California Insured Tax Free Fund (Nasdaq: VKCIX, VCIBX, VCICX)
Van Kampen California Municipal Trust (Nasdaq: VKC)
Van Kampen California Quality Municipal Trust (Nasdaq: VQC)
Van Kampen California Value Municipal Income Trust (Nasdaq: VCV)
Van Kampen Comstock Fund (Nasdaq: ACSTX, ACSWX, ACSYX, ACSRX)
Van Kampen Convertible Securities Fund (Nasdaq: VXS)
Van Kampen Corporate Bond Fund (Nasdaq: ACCBX, ACCDX, ACCEX)
Van Kampen Emerging Growth Fund (Nasdaq: ACEGX, ACEMX, ACEFX, ACEEX)
Van Kampen Emerging Markets Fund (Nasdaq: MSRAX, MSRBX, MSRCX)
Van Kampen Emerging Markets Income Fund (Nasdaq: MSWAX, MSWCX)
Van Kampen Enterprise Fund (Nasdaq: ACENX, ACEOX, ACEPX)
Van Kampen Equity Growth Fund (Nasdaq: VEGAX, VEGBX, VEGCX)
Van Kampen Equity and Income Fund (Nasdaq: ACEIX, ACEQX, ACERX, ACESX)
Van Kampen European Value Equity Fund (Nasdaq: VEEAX, VEEBX, VEECX)
Van Kampen Florida Municipal Opportunity Trust (Nasdaq: VMO)
Van Kampen Florida Quality Municipal Trust (Nasdaq: VFM)
Van Kampen Focus Equity Fund (Nasdaq: MSQAX, MSABX, MAECX)
Van Kampen Global Equity Allocation Fund (Nasdaq: MSGAX, MSGBX, MSGCX)
Van Kampen Global Franchise Fund (Nasdaq: FGFAX, FGFBX, VGFCX)
Van Kampen Global Value Equity Fund (Nasdaq: MGEAX, MGEBX, MGECX)
Van Kampen Government Securities Fund (Nasdaq: ACGSX, ACGTX, ACGVX)
Van Kampen Growth Fund (Nasdaq: VGRAX, VGRBX, VGRCX)
Van Kampen Growth and Income Fund (Nasdaq: ACGIX, ACGJX, ACGKX, ACGLX)
Van Kampen Harbor Fund (Nasdaq: ACHBX, ACHAX, ACHCX)
Van Kampen High Income Corporate Bond Fund (Nasdaq: ACHYX, ACHZX, ACHWX)
Van Kampen High Income Trust (Nasdaq: VIT)
Van Kampen High Income Trust II (Nasdaq: VLT)
Van Kampen High Yield Fund (Nasdaq: VKHYX, VHYBX, VHYCX)
Van Kampen High Yield Municipal Fund (Nasdaq: ACTHX, ACTGX, ACTFX)
Van Kampen Income Trust (Nasdaq: VIN)
Van Kampen Insured Tax Free Income Fund (Nasdaq: VKMTX, VMYBX, VMTCX)
Van Kampen Intermediate Term Muni Income Fund (Nasdaq: VKLMX, VKLBX, VKLCX)
Van Kampen International Advantage Fund (Nasdaq: VKIBX, VKICX)
Van Kampen International Magnum Fund (Nasdaq: MIMAX, MSNBX, MIMCX)
Van Kampen Investment Grade Municipal Trust (Nasdaq: VIG)
Van Kampen Latin American Fund (Nasdaq: MSLAX, MSLBX, MSLCX)
Van Kampen Limited Maturity Government Fund (Nasdaq: ACFMX, ACFTX, ACFWX)
Van Kampen Massachusetts Value Municipal Fund (Nasdaq: VMV)
Van Kampen Mid Cap Growth Fund (Nasdaq: VMGAX, VMGBX, VMGCX)
Van Kampen Municipal Income Fund (Nasdaq: VKMMX, VMIBX, VMICX)
Van Kampen Municipal Income Trust (Nasdaq: VMT)
Van Kampen New York Tax Free Income Fund (Nasdaq: VNYAX, VBNYX, VNYCX)
Van Kampen Pace Fund (Nasdaq: ACPAX, ACPBX, ACPCX)
Van Kampen Pennsylvania Tax Free Income Fund (Nasdaq: VKMPX, VKPAX, VKPCX)
Van Kampen Reserve Fund (Nasdaq: ACXXX)
Van Kampen Select Growth Fund (Nasdaq: VSGAX, VBSGX, VSGCX)
Van Kampen Senior Loan Fund (Nasdaq: XPRTX, XSLCX)
Van Kampen Small Cap Growth Fund (Nasdaq: VASCX, VBSCX, VCSCX)
Van Kampen Small Cap Value Fund (Nasdaq: VSCAX, VSMBX, VSMCX)
Van Kampen Strategic Municipal Income Fund (Nasdaq: VKMHX, VKTFX, VMHCX)
Van Kampen Technology Fund (Nasdaq: VTFAX, VTFBX, VTFCX)
Van Kampen U.S. Government Fund (Nasdaq: VKMGX, VUSBX, VUSCX)
Van Kampen Utility Fund (Nasdaq: VKUAX, VKUBX, VKUCX)
Van Kampen Van Kampen Real Estate Securities Fund (Nasdaq: ACREX, ACRBX, ACRCX)
Van Kampen Value Fund (Nasdaq: MVUAX, MVUBX, MVUCX)
Van Kampen Value Opportunities Fund (Nasdaq: VVOAX, VVOBX, VVOCX)
Morgan Stanley 21st Century Trend Fund (Nasdaq: TCTAX, TCTBX, TCTCX, TCTDX)
Morgan Stanley Aggressive Equity Fund (Nasdaq: AEQAX, AEQBX, AEQCX, AEQDX)
Morgan Stanley All Star Growth Fund (Nasdaq: ALLAX, ALLBX, ALLCX, ALLDX)
Morgan Stanley American Opportunities Fund (Nasdaq: AMOAX, AMOBX, AMOCX, AMODX)
Morgan Stanley Biotechnology Fund (Nasdaq: BTKAX, BTKBX, BTKCX, BTKDX)
Morgan Stanley Capital Opportunities Trust (Nasdaq: CPOAX, CPOBX, CPOCX, CPODX)
Morgan Stanley Developing Growth Securities (Nasdaq: DGRAX, DGRBX, DGRCX, DGRDX)
Morgan Stanley Financial Services Trust (Nasdaq: FSVAX, FSVBX, FSVCX, FSVDX)
Morgan Stanley Growth Fund (Nasdaq: GRTAX, GRTBX, GRTCX, GRTDX)
Morgan Stanley Health Sciences Trust (Nasdaq: HCRAX, HCRBX, HCRCX, HCRDX)
Morgan Stanley Information Fund (Nasdaq: IFOAX, IFOBX, IFOCX, IFODX - News)
Morgan Stanley KLD Social Index Fund (Nasdaq: SIXAX, SIXBX, SIXCX, SIXDX)
Morgan Stanley Market Leader Trust (Nasdaq: MLDAX, MLDBX, MLDCX, MLDDX)
Morgan Stanley Mid-Cap Value Fund (Nasdaq: MDFAX, MDFBX, MDFCX, MDFDX)
Morgan Stanley Nasdaq-100 Index Fund (Nasdaq: NSQAX, NSQBX, NSQCX, MSQDX)
Morgan Stanley Natural Resource Development Securities (Nasdaq: NREAX, NREBX, NRECX, NREDX)
Morgan Stanley New Discoveries Fund (Nasdaq: NDFAX, NDFBX, NDFCX, NDFDX)
Morgan Stanley Next Generation Trust (Nasdaq: NGTAX, NGTBX, NGTCX, NGTDX)
Morgan Stanley Small-Mid Special Value Fund (Nasdaq: JBJAX, JBJBX, JBJCX, JBJDX)
Morgan Stanley Special Growth Fund (Nasdaq: SMPAX, SMPBX, SMPCX, SMPD)
Morgan Stanley Special Value Fund (Nasdaq: SVFAX, SVFBX, SVFCX, SVFDX)
Morgan Stanley Tax-Managed Growth Fund (Nasdaq: TGXAX, TGXBX, TGXCX, TGXDX)
Morgan Stanley Technology Fund (Nasdaq: TEKAX, TEKBX, TEKCX, TEKDX)
Morgan Stanley European Growth Fund (Nasdaq: EUGAX, EUGBX, EUGCX, EUGDX)
Morgan Stanley Fund of Funds - International Portfolio (Nasdaq: IOFBX, IOFCX, IOFDX)
Morgan Stanley Global Advantage Fund (Nasdaq: GADAX, GADBX, GADCX, GADDX)
Morgan Stanley Global Dividend Growth Securities (Nasdaq: GLBAX, GLBBX, GLBCX, GLBDX)
Morgan Stanley Global Utilities Fund (Nasdaq: GUTAX, GUTBX, GUTCX, GUTDX)
Morgan Stanley International Fund (Nasdaq: INLAX, INLBX, INLCX, INLDX)
Morgan Stanley International Smallcap Fund (Nasdaq: ISMAX, SMBX, ISMCX, ISMDX)
Morgan Stanley International Value Equity Fund (Nasdaq: IVQAX, IVQBX, IVQCX, IVQDX)
Morgan Stanley Japan Fund (Nasdaq: JPNAX, JPNBX, JPNCX, JPNDX)
Morgan Stanley Latin American Growth Fund (Nasdaq: LATAX, LATBX, LATCX, LATDX)
Morgan Stanley Pacific Growth Fund (Nasdaq: TGRAX, TGRBX, TGRCX, TGRDX)
Morgan Stanley Allocator Fund (Nasdaq: ALRAX, ALRBX, ALRCX, ALRDX)
Morgan Stanley Balanced Growth Fund (Nasdaq: BGRAX, BGRBX, BGRCX, BGRDX)
Morgan Stanley Balanced Income Fund (Nasdaq: BINAX, BINBX, BINCX, BINDX)
Morgan Stanley Convertible Securities Trust (Nasdaq: CNSAX, CNSBX, CNSCX, CNSDX)
Morgan Stanley Dividend Growth Securities (Nasdaq: DIVAX, DIVBX, DIVCX, DIVDX)
Morgan Stanley Equity Fund (Nasdaq: EQFAX, EQFBX, EQFCX -, EQFDX)
Morgan Stanley Fund of Funds - Domestic Portfolio (Nasdaq: DOFAX, DOFBX, DOFCX, DOFDX)
Morgan Stanley Fundamental Value Fund (Nasdaq: FVFX, FVFBX, FVFCX, FVFDX)
Morgan Stanley Income Builder Fund (Nasdaq: INBAX, INBBX, INBCX, INBDX)
Morgan Stanley Real Estate Fund (Nasdaq: REFAX, REFBX, REFCX, REFDX)
Morgan Stanley S&P 500 Index Fund (Nasdaq: SPIAX, SPIBX, SPICX, SPIDX)
Morgan Stanley Strategist Fund (Nasdaq: SRTAX, SRTBX, SRTCX, SRTDX)
Morgan Stanley Total Market Index Fund (Nasdaq: TMIAX, TMIBX, TMICX, TMIDX)
Morgan Stanley Total Return Trust (Nasdaq: TRFAX, TRFBX, TRFCX, TRFDX)
Morgan Stanley Utilities Fund (Nasdaq: UTLAX, UTLBX, UTLCX, UTLDX)
Morgan Stanley Value Fund (Nasdaq: VLUAX, VLUBX, VLUCX, VLUDX)
Morgan Stanley Value-Added Market Series/Equity Portfolio (Nasdaq: VADAX, VADBX, VADCX, VADDX)
Morgan Stanley Active Assets California Tax-Free Trust (Nasdaq: AACXX)
Morgan Stanley Active Assets Government Securities Trust (Nasdaq: AAGXX)
Morgan Stanley Active Assets Institutional Money Trust (Nasdaq: AVIXX)
Morgan Stanley Active Assets Money Trust (Nasdaq: AAMXX)
Morgan Stanley Active Assets Tax-Free Trust (Nasdaq: AATXX)
Morgan Stanley Flexible Income Trust (Nasdaq: DINAX, DINBX, DINCX, DINDX)
Morgan Stanley Federal Securities Trust (Nasdaq: FDLAX, FDLBX, FDLCX, FDLDX)
Morgan Stanley High Yield Securities (Nasdaq: HYLAX, HYLBX, HYLCX, HYLDX)
Morgan Stanley Quality Income Trust (Nasdaq: IISAX, IISBX, IISCX, IISDX)
Morgan Stanley Limited Duration Fund (Nasdaq: MSLDX)
Morgan Stanley Limited Duration U.S. Treasury Trust (Nasdaq: LDTRX)
Morgan Stanley Liquid Asset Fund (Nasdaq: DWLXX)
Morgan Stanley Prime Income Trust (Nasdaq: XPITX)
Morgan Stanley U.S. Government Money Market Trust (Nasdaq: DWGXX)
Morgan Stanley U.S. Government Securities Trust (Nasdaq: USGAX, USGBX, USGCX, USGDX)
Morgan Stanley California Tax-Free Daily Income Trust (Nasdaq: DSCXX)
Morgan Stanley California Tax-Free Income Fund (Nasdaq: CLFAX, CLFBX, CLFCX, CLFDX)
Morgan Stanley Hawaii Municipal Trust (Nasdaq: DWHIX)
Morgan Stanley Limited Term Municipal Trust (Nasdaq: DWLTX)
Morgan Stanley Multi-State Municipal Series Trust, Arizona Series
(Nasdaq: DWAZX)
Morgan Stanley Multi-State Municipal Series Trust, Florida Series
(Nasdaq: DWFLX)
Morgan Stanley Multi-State Municipal Series Trust, New Jersey Series
(Nasdaq: DWNJX)
Morgan Stanley Multi-State Municipal Series Trust, Pennsylvania Series
(Nasdaq: DWPAX)
Morgan Stanley New York Municipal Money Market Trust (Nasdaq: DWNXX)
Morgan Stanley New York Tax-Free Income Fund (Nasdaq: NYFAX, NYFBX, NYFCX, NYFDX)
Morgan Stanley Tax-Exempt Securities Trust (Nasdaq: TAXAX, TAXBX, TAXCX, TAXDX)
Morgan Stanley Tax-Free Daily Income Trust (Nasdaq: DSTXX)
