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Argued: November 13, 2009

Before: McLAUGHLIN and WESLEY, Circuit Judges, and KAHN,*fn2 District Judge.

These cases concern the boundaries of disclosure obligations in registration statements and prospectuses filed on Form N-1A pursuant to the Securities Act of 1933 (“Securities Act”), 15 U.S.C. § 77a et seq. In separate but substantially similar putative class actions, two groups of plaintiffs brought claims under sections 11, 12(a)(2), and 15 of the Securities Act. In re Morgan Stanley Info. Fund Sec. Litig., No. 02 Civ. 8579 (S.D.N.Y.) (“Info. Fund Action”); In re Morgan Stanley Tech. Fund Sec. Litig., No. 02 Civ. 6153 (S.D.N.Y.) (“Tech. Fund Action”). With the exception of the Morgan Stanley mutual fund specified in the caption of each case, the defendants are identical in both actions. Both groups of plaintiffs allege that defendants failed to make certain disclosures relating to the mutual funds that are required by the federal securities laws.

 
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