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Rating:Dreyfus Roars Back in 12b-1 Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 17, 2004

Dreyfus Roars Back in 12b-1 Case

by: Theresa Sim

Dreyfus announced on Thursday that an investor's lawsuit against the firm filed in late 2003 was voluntarily dropped.

The investor, Milton Pfeiffer, charged that Dreyfus' 12(b)-1 fees on closed funds were excessive.

Without going into details, a Dreyfus press release stated "Dreyfus successfully demonstrated to the plaintiff that it had complied with Rule 12b-1, under which fees may legitimately be charged to funds that are closed to new investors."

A Dreyfus spokesperson did not immediately return a call seeking comment.

Dreyfus also stated, "[s]ince it generally takes six years for the distributor to recoup the commissions it has paid out upfront, the distributor when a fund closes is entitled to be reimbursed for amounts it has advanced."

The suit was filed in a Manhattan federal court. 

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