MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, July 30, 2004 Investors Sue AMEX Financial Advisors Investors in American Express' proprietary mutual funds filed a lawsuit in June against American Express Financial Advisors alleging excessive fees, the company disclosed in a Friday quarterly earnings filing. The plaintiffs allege that the fees paid to AEFA for advice and services are excessive; they seek restitution and repeal of certain distribution and advisory agreements. American Express intends to file a motion to dismiss the action, which was filed in a federal district court in Arizona. In a presentation accompanying the earnings release, Chief Executive Officer Gary Crittenden reported that the AEFA's proprietary fund sales remained flat, while non-proprietary sales increased "substantially." Total fund sales increased by 19 percent. Printed from: MFWire.com/story.asp?s=7727 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |