After a 25-day bench trial, a federal judge in Newark has rejected claims that mutual funds run by AXA Equitable Life Insurance charged investors excessive investment and administrative fees.
In dismissing the claims with prejudice, the court said the plaintiffs failed to demonstrate a breach of fiduciary duty or to show any actual damages. The court questioned the credibility of plaintiffs’ expert witnesses and concluded that review of the company’s fees by the mutual fund’s board was robust.
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