American Century International Discovery Fund

Summary of Case:

Summary of the Case:

A securities class action has been filed against American Century International Discovery Fund (TWEGX) ("ACWMF" or the "Company") on behalf of all securities purchasers who first purchased shares in the Fund before July 17, 2006 and still held shares after July 17, 23 2006 (the "Class Period") in the United States District Court for the Eastern District of California.

 The claims arise from allegedly criminal acts committed by the defendants when they unlawfully invested money entrusted to them by the plaintiff in an illegal gambling business. These investments suffered significant losses when the government began arresting principals of illegal gambling businesses during a law enforcement crackdown beginning in the summer of 2006.

The complaint alleges that Defendants caused ACWMF to illegally invest, repeatedly and over a significant period of time, in an entity whose primary business constituted illegal gambling under state and federal law. The market value of these investments plunged when law enforcement officials began criminal enforcement proceedings against such illegal gambling businesses and their principals. Defendants' investments, all of which were purchased for the Fund's portfolio, directly injured ACWMF, Plaintiff and other investors in the Fund because the value of shares in the Fund is calculated daily on the basis of the net asset value of the Fund's portfolio. Thus, each dollar lost by Defendants' investments in an illegal gambling business resulted in a dollar loss to ACWMF and to the investors in the Fund on a pro rata basis.

The losses suffered by ACWMF and its investors are alleged to be a direct and proximate result of Defendants causing ACWMF to own or finance illegal gambling businesses. The government law enforcement actions, and the investment losses that followed those enforcement actions, were reasonably foreseeable and part of the risk that Defendants knowingly took when they invested in illegal gambling businesses.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.