The countless fundsters whose offerings pay 12b-1 fees can rest a little easier. A lawsuit against American Funds
manager Capital Research and Management Company
, challenging fees paid to broker-dealers out of the EuroPacific Growth Fund
, just got dismissed from court. American Lawyer
's Andrew Longstreth reports
that Capital Group's law firm -- Milbank, Tweed, Hadley & McCloy
-- prevailed last week and convinced Los Angeles federal district court judge Gary Feess to dismiss the case (filed by EuroPacific shareholder Rachelle Korland) without prejudice.
Milbank partner James Benedict
said he's already getting thank-you notes from other big fund firms.
Stay ahead of the news ... Sign up for our email alerts now