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Rating:And Now Class Action Lawyers Are Circling Pimco Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 22, 2014

And Now Class Action Lawyers Are Circling Pimco

Reported by Neil Anderson, Managing Editor

A class action law firm is piling on Pimco [profile]. Though they have not yet filed a lawsuit.

Last month Pimco co-founder Bill Gross jumped to Janus, igniting a media firestorm and potentially putting hundreds of billions of dollars of fixed income mandates out for RFPs. And today Newport Beach, California-based Pimco faces another potential threat: class action lawyers.

Today Seattle-based Keller Rohrback unveiled an investigation into whether or not Pimco "improperly charged excessive management fees to investors in the PIMCO Total Return Fund," the flagship formerly PMed by Gross that used to be the largest mutual fund in the world. Attorneys Laura Gerber and Michael Woerner are the Keller attorneys listed as the contacts for the investigation.

MFWire could not immediately reach a Pimco spokesman, or Gerber or Woerner at Keller Rohrback, for comment on the law firm's investigation.

Keller is looking for Pimco Total Return shareholders who "are concerned about the excessive management fees associated with this bond fund." Though the statement on the investigation makes no mention of different mutual fund share classes, Keller lists the fund's expense ratio as currently ranging from 46 basis points to 160 bps, bringing in more than $600 million in annual fees for Pimco. And the law firm asserts that the fund's "performance ... has been at or near the bottom quartile over 2013 and 2014."

(Fundsters may recognize Keller as law firm attacked the Principal over mutual fund fees and attacked Wal-Mart over the use of retail mutual fund shares in a giant 401(k) plan.) 

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