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STROUGO v. PADEGS

December 1, 1997

ROBERT STROUGO, on behalf of The Brazil Fund, Inc., Plaintiff, against JURIS PADEGS, NICHOLAS BRATT, EDGAR R. FIEDLER, ROBERTO TEIXEIRA DA COSTA, RONALDO A. DA FROTA NOGUEIRA, WILSON NOLEN, EDMOND D. VILLANI, and SCUDDER, STEVENS & CLARK, INC., Defendants. - and - THE BRAZIL FUND, INC., Nominal Defendant. ROBERT STROUGO, on behalf of himself and all others similarly situated, Plaintiff, - against - JURIS PADEGS, NICHOLAS BRATT, EDGAR R. FIEDLER, ROBERTO TEIXEIRA DA COSTA, RONALDO A. DA FROTA NOGUEIRA, WILSON NOLEN, EDMOND D. VILLANI, and SCUDDER, STEVENS & CLARK, INC., Defendants.

ROBERT W. SWEET, U.S.D.J.


The opinion of the court was delivered by: SWEET

Sweet, D.J.

 The Parties

 Robert Strougo, suing on behalf of the Fund, purchased 1,000 shares of the Fund on January 11, 1993, and has held shares continuously thereafter.

 The Fund, a nominal defendant in this action, is a Maryland corporation whose principal executive office is located in New York, New York. The Fund is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940, 54 Stat. 789, 15 U.S.C. ┬ž 80a-1(a) et seq. (the "ICA"), that invests in the securities of Brazilian companies. Shares in the Fund trade on the New York Stock Exchange.

 Scudder, Stevens & Clark, Inc. ("Scudder") is a Delaware corporation whose principal offices are located in New York, New York. Scudder serves as investment advisor to and manager of the Fund. It is a registered investment advisor under the Investment Advisers Act of 1940, as amended, 15 U.S.C. 80b-1 et seq.

 Juris Padegs ("Padegs") is chairman of the board and a director of the Fund. He is also a managing director of Scudder and serves on both Scudder's board and the boards of other funds managed by Scudder.

 Nicholas Bratt ("Bratt") is president and a director of the Fund. Bratt is also a managing director of Scudder and serves on the boards of other funds managed by Scudder.

 Edmund D. Villani ("Villani") is a director of the Fund. He is also president and managing director of Scudder and serves on both Scudder's board and the boards of other funds managed by Scudder.

 Edgar Fiedler ("Fiedler") is a director of the Fund and serves on the boards of seven other funds managed by Scudder.

 Wilson Nolen ("Nolen") is a director of the Fund. He also serves on the boards of fourteen other funds managed by Scudder.

 Ronaldo A. Da Frota Nogueira ("Nogueira") is a director and resident Brazilian director of the Fund. He serves on the boards of three other funds managed by Scudder.

 Roberto Teixeira da Costa ("Da Costa"), against whom all claims have been dismissed, is a director and resident ...


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