Principal Fund Investors Sue Over Fee Gouging

Law360, New York (October 29, 2012, 1:15 PM EDT) -- Investors in funds managed by Principal Financial Group Inc. launched a derivative action Friday in Iowa federal court alleging the company charged excessive fees, reinvigorating a federal appeals court dispute over the window for collecting damages on such claims. 

Plaintiffs Judith Curran and Michael Earp filed the suit as a derivative action on behalf of investors in two Principal Management Corp. funds: the Principal SAM Balanced Portfolio and the Principal SAM Strategic Growth Portfolio. Each is a “fund of funds,” or a mutual fund that invests...
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