MFS Mutual Funds

The Pomerantz Firm has filed numerous actions intended to protect the interests of mutual fund investors by recovering monies lost as a result of misconduct by their funds' investment advisors. As part of this effort, the Pomerantz Firm has filed actions on behalf of a number of funds in the MFS family of funds against those funds' investment advisor, Massachusetts Financial Services Co. ("MFS"), for breaches of fiduciary duty and violations of federal securities laws. The actions allege that MFS, in breach of its obligations to the funds, allowed market timing in MFS fund shares for its own financial benefit. Market timing transactions seek to capitalize on the unique way in which mutual fund shares are priced. Such practices are improper, illegal, and damage mutual funds by (among other things) increasing transaction costs and disrupting the funds' stated portfolio management strategy. In short, these practices reduce the funds' long-term performance, and benefit a select few at the expense of the funds and all the funds' shareholders. Among other things, the actions seek rescission of the advisory agreements between the funds and their advisor, and return of the advisory fees paid in connection with those advisory services. The actions were filed in federal court in Massachusetts but are now pending in federal court in Maryland pursuant to their transfer by a panel of federal judges. The Pomerantz Firm has been appointed lead counsel for all the actions brought on behalf of the MFS Mutual Funds. For more information, please contact Jeremy A. Lieberman, Esq., at 888-4-POMLAW, or via e-mail at jalieberman@pomlaw.com