The Investment Company Institute of Washington D.C., filed a motion July 28 to dismiss a complaint against it alleging the industry association has violated federal securities laws by aligning too closely with fund advisers, according to the motion.

"... these are novel and frivolous claims, apparently aimed at retaliating against the Institute for speaking out on issues in which plaintiffs' counsel have a pecuniary interest," states the motion. "This frivolous litigation - which seeks desperately to jam a square peg into a round hole - should be dismissed."

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