SLUSA Trumps Excessive-Fees Case V. Lord Abbett

Law360, New York (December 5, 2006, 12:00 AM EST) -- Plaintiffs firms hoping to cash in on the litigation over excessive brokers’ fees suffered a setback this week when a New Jersey district judge dismissed a class action lawsuit against private money manager Lord Abbett & Co. LLC.

Judge William J. Martini granted Lord Abbett’s motion to dismiss the case after its lawyers argued a complaint should be wholly rejected if certain claims are found to be prohibited, citing the Securities Litigation Uniform Standards Act.

Earlier in the litigation, Judge Martini had found that most of...
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