3rd Circuit Panel Upholds Dismissal Of Claims Against Mutual Fund Managers

Mealey's (July 13, 2018, 9:28 AM EDT) -- PHILADELPHIA — A federal district court did not err in dismissing a derivative lawsuit brought by parties to variable annuity contracts with AXA Life Insurance Co. because the plaintiffs failed to show that AXA and its subsidiary breached their fiduciary duty by charging excessive management and fund administration fees under the provisions of the Investment Company Act (ICA), a Third Circuit U.S. Court of Appeals panel ruled July 10 (Mary Ann Sivolella, et al. v. AXA Equitable Life Insurance Co., et al., No. 16-4241, 3rd Cir., 2018 U.S. App. LEXIS 18678)....