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Thursday, February 21, 2013
Bloomberg Puts a Fund Fees Suit Under the Microscope
The Hartford's [profile] subadvisory fees lawsuit got the full analytical treatment from Bloomberg yesterday, with a lengthy article looking at just want the lawsuit means.
Freelance reporter Lewis Braham starts by explaining that previously, it was difficult for these types of lawsuits to move forward.
Until now. In December U.S. District Judge Renee Marie Bumb in Newark, New Jersey, allowed a case known as Kasilag et al. vs. Hartford Investment Financial Services to proceed, denying Hartford’s motion to dismiss. (Jennifer Kasilag is one of six plaintiffs who invested in Hartford funds.) The reason for the decision has everything to do with the type of mutual funds the plaintiffs chose to attack.The article is long, but worthwhile for anyone interested in how the case works. Check it out here.
For previous MFWire coverage of the case, click here.
Printed from: MFWire.com/story.asp?s=43060
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