Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:BlackRock's Bps Fuel Powerball Winner's Suit Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 09, 2014

BlackRock's Bps Fuel Powerball Winner's Suit

News summary by MFWire's editors

Go figure.

In 2011, Florida investment advisor Timothy Davidson was one of three financial executives who bought a Powerball lottery ticket at a gas station that ultimately won them $254.2 million jackpot.

Davidson creates a trust using some of the winnings that invests $1 million in BlackRock's Global Allocation Fund. In the fund's institutional share class to be precise.

Now the advisor has filed suit against the asset giant, asserting that the firm charges too much in fees, reports InvestmentNews.

The publication quotes Davidson's complaint as declaring the following:

Defendants have breached their fiduciary duty by charging and receiving investment advisory fees from the fund that are so disproportionately large that they bear no reasonable relationship to the services rendered.

The suit is the fourth such complaint leveled against the asset giant, and has been given the green light to go class action. It claims that shareholders have suffered damages in the hundreds of millions.

The fund charges 78 bps for its institutional share class.

A number of other firms have raised shareholder ire over fees recently, InvestmentNews reports. The paper cites records collected by shareholder advocacy group The Coalition of Mutual Fund Investors which show that Principal Management Corp., Ameriprise Financial, Oakmark Funds, American Funds, Hartford Investment Financial Services, Axa Equitable Life Insurance Co. and ING Investments have all faced similar complaints. 

Edited by: Tommy Fernandez


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use