Below is an update on the "excessive fee" cases under section 36(b) of the Investment Company Act of 1940.
Most of these complaints are now proceeding on the "sub-adviser" theory: that annuity contract-holders pay...more
9/8/2015
/ Affiliates ,
Annuities ,
AXA Equitable Life ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Excessive Fees ,
Hartford Life and Accident Insurance Company ,
Insurance Industry ,
Investment Adviser ,
Investment Company Act of 1940 ,
Retirement Plan ,
State Farm
The August 2015 decision from the 9th Circuit, titled Eller v. Equitrust Life Ins. Co, provides helpful precedent for the defense of annuity sales practice cases.
Plaintiff Eller brought a RICO class action alleging,...more