Charging that Lord Abbett misleadingly marketed Class A shares on 21 of its funds as offering superior performance than lower-cost Class B and Class C shares, which actually delivered identical performance, investors sued the company Thursday. The investors took issue with paying a 5.75% sales charge on the Class A shares.

 

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.