Business Services Industry
Investor Withdraws Lawsuit against Mellon Financial's Dreyfus Corp.
Knight Ridder/Tribune Business News, June, 2004
Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Jun. 18--Mellon Financial's Dreyfus Corp. unit said an investor who sued the mutual fund operator in December over marketing and distribution fees has withdrawn the lawsuit.
The investor had challenged the so-called 12b-1 fees Dreyfus imposed on mutual funds that were closed, arguing it was wrong to impose fees designed to attract new investors if the funds weren't looking for them. The suit was filed in federal court in Manhattan by Milton Pfeiffer, who sought class-action status.
Pfeiffer withdrew the lawsuit because he was satisfied with Dreyfus' explanation that the fees were used to reimburse Dreyfus for commissions it advanced to outside brokers who sold the funds....
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