In Ignites, Ropes & Gray Attorney Discusses Impact of Axa on Mutual Fund Litigation
In an Aug. 30 article published by Ignites (subscription required), business & securities litigation partner Robert Skinner discusses the decision against plaintiffs who alleged Axa Equitable charged excessive fees on roughly a dozen mutual funds.
The article explains that Axa is significant for the investment management industry because the litigation is among only a handful of alleged excessive fee cases that have gone to trial. The decision has potential implications for many other litigations. “All of the pending cases are based on a fiction that proprietary mutual funds receive the same services as subadvised accounts from a given advisor,” Rob said. “The Axa decision recognizes that that premise is just false, which is a step in the right direction.”