AXA US wins fee litigation in NJ court
September 1, 2016 by LifeHealthPro Editors
After five years of litigation culminating in a 25-day trial, a New Jersey federal court yesterday granted AXA Equitable Life Insurance Co. and its wholly-owned subsidiary, AXA Equitable Funds Management Group, LLC (FMG LLC) a significant victory in ruling that the two companies (collectively AXA US) did not receive excessive compensation for managing and administering certain of its mutual funds.
“While it is quite unusual for cases of this type and magnitude to be tried in court to decision, AXA US strongly believed that the lawsuits were without merit and that we provide quality services to our clients,” commented Dave S. Hattem, senior executive director and general counsel of AXA Equitable. “We have consistently defended our business structure, our conduct and the conduct of EQ Advisors Trust’s (“EQAT”) independent trustees and are extremely pleased that the court thoughtfully applied the well-established law to our facts and found that the fees charged were fair and reasonable.”
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