American Century Gambling Investment Suit Busted

Law360, New York (May 11, 2010, 5:10 PM EDT) -- A federal judge has dismissed a putative class action alleging mutual fund manager American Century Cos. Inc. is liable to shareholders for investments in an online gambling company that saw its stock plummet in the wake of a government crackdown.

Judge Denise Cote of U.S. District Court for the Southern District of New York on Friday threw out a complaint that said shares of the American Century Ultra Fund dropped in value after it purchased shares in PartyGaming PLC.

Investments in PartyGaming declined after the U.S....
To view the full article, register now.