750,000 Page Document Dump Prompts Plaintiffs To Drop Suit

The investment trusts that sued asset manager First Eagle Investment filed to dismiss the action with prejudice, citing their inability to review of 750,000 pages of documents during the discovery process as the reason. The suit was filed in Delaware district court in May 2014. It alleged that advisory fees were excessive and more than what the firm charged as a sub-advisor for an unaffiliated mutual fund. “We are pleased that the plaintiffs in the case Kennis Trust vs. First Eagle Investment Management, LLC, have voluntarily decided to drop all claims in the lawsuit, which we believe had no merit,” First Eagle said in a statement. There are currently 24 lawsuits claiming excessive mutual fund fees against T. Rowe Price, BlackRock, PIMCO and AXA at various stages of litigation.