AXA Advisers Avoid Excessive Fees Claims

Investment advisers AXA Equitable Ins. Co. and AXA Equitable Funds Mgmt. Group LLC avoided investors’ claims that they breached their fiduciary duty by approving mutual fund service contracts that charged excessive management and administrative fees (Sivolella v. AXA Equitable Ins. Co., 2016 BL 277475, D.N.J., 11-cv-4194, 8/25/16).

The investors didn’t show that AXA violated Section 36(b) of the 1940 Investment Company Act, Judge Peter G. Sheridan of the U.S. District Court for the District of New Jersey said Aug. 25. In addition, the investors didn’t show that they suffered damages, the court said.

Section 36(b) ...