Top of the Agenda - Legal

PIMCO 36(b) case dismissed
By Hillary Jackson
The parties in a 2014 lawsuit accusing PIMCO of overcharging Total Return Fund shareholders while lavishly compensating CIO Bill Gross and CEO Mohamed El-Erian agreed this week to withdraw the case. The parties further consented that the action be "dismissed with prejudice and without costs awarded by the court to ...  >> CONTINUE READING <<<

 

 

Appeals court upholds 2016 AXA ruling
By Hillary Jackson
The U.S. Court of Appeals on Tuesday affirmed a lower court decision in favor of the defendants in an excessive fees case against AXA Equitable Life Insurance Co., effectively ending litigation that's been going on for seven years. “We are pleased with the Court's ruling, which affirms the independence and conscientiousness ...  >> CONTINUE READING <<<

 

 

Plaintiffs face 'uphill battle' in BlackRock 36(b) case
By Hillary Jackson
The summary judgment ruling in an excessive fees case against BlackRock earlier this month is a win for mutual fund boards, even if it means another 36(b) case will go to trial, industry lawyers told Fund Board Views. U.S. District Court Judge Freda Wolfson said in her redacted opinion that the ...  >> CONTINUE READING <<<

 

 

BlackRock 36(b) case survives summary judgment
By Hillary Jackson
An excessive fees case against BlackRock Investment Management survived summary judgment this week when U.S. District Court Judge Freda Wolfson granted the plaintiffs' motion in part, while denying it in part. Similarly to the the ruling two years ago in a case against Hartford Investment Financial Services, the court determined ...  >> CONTINUE READING <<<

 

 

MetWest judge's privilege ruling a comfort to fund boards, counsel
By Hillary Jackson
A California judge has denied a request in an excessive fees case against Metropolitan West Asset Management that would have given the plaintiff access to privileged fund board material withheld during discovery. U.S. District Court Judge George Wu's ruling earlier this month was the latest to uphold attorney-client privilege in ...  >> CONTINUE READING <<<

 

 


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Top of the Agenda - Regulatory
SEC ETF rule proposal likely on boards' fall agendas

Boards overseeing exchange-traded funds—or working with advisers that plan to enter the ETF market—are likely to spend time at their third- and fourth-quarter meetings familiarizing themselves ...
Top of the Agenda - Legal
 Appeals court upholds 2016 AXA ruling

The U.S. Court of Appeals on Tuesday affirmed a lower court decision in favor of the defendants in an excessive fees case against AXA Equitable Life ...