AXA Unit Sued Over Gouging On Management Fees

Law360, New York (January 17, 2013, 2:38 PM EST) -- Investors in funds managed by AXA Equitable Funds Management Group LLC hit the company Tuesday with a derivative action in New Jersey federal court alleging the investment management fees AXA charges aren't justified by the services it renders.

The investors charge that subadvisers appointed to the funds provide the majority of the funds' investment management services, yet the management group, which is a subsidiary of AXA Equitable Life Insurance Co., retains the bulk of the investment management fees it charges and remits a small slice to...
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