Ventura v. Principal Management Corporation

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On December 30, 2015, several shareholders in the Principal Funds filed an excessive fee lawsuit against Principal Management Corporation in U.S. District Court for the Southern District of Iowa.  The complaint alleges that Principal delegates substantially all of its responsibilities for providing advisory services to third-party sub-advisers while retaining approximately two-thirds of the advisory fees.

 

In fiscal year 2014, Principal received $143 million in advisory fees from 6 of its funds.  It delegated its advisory responsibilities to sub-advisers, paying them approximately $46 million during the same year and retaining more than $96 million of the fee for supervising the sub-advisers.

 

After a period of discovery, this case was dismissed voluntarily by the plaintiffs, without any monetary compensation, on October 16, 2017.

 

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On December 30, 2015, several shareholders in the Principal Funds filed an excessive fee lawsuit against Principal Management Corporation in U.S. District Court for the Southern District of Iowa.  The complaint alleges that Principal delegates substantially all of its responsibilities for providing advisory services to third-party sub-advisers while retaining approximately two-thirds of the advisory fees.

 

In fiscal year 2014, Principal received $143 million in advisory fees from 6 of its funds.  It delegated its advisory responsibilities to sub-advisers, paying them approximately $46 million during the same year and retaining more than $96 million of the fee for supervising the sub-advisers.

 

After a period of discovery, this case was dismissed voluntarily by the plaintiffs, without any monetary compensation, on October 16, 2017.