SEATTLE, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Attorney Advertising. Keller Rohrback L.L.P. is currently investigating whether Pacific Investment Management Company ("PIMCO" or the "Company") improperly charged excessive management fees to investors in the PIMCO Total Return Fund (the "Fund"), the largest bond mutual fund. The Fund's share class includes PTTRX, PTTPX, PTRAX, PTTDX, PTTAX, PTTBX, PTTCX, and PTRRX.
The Fund's expense ratio currently ranges from 0.46% to 1.60% and the Fund has annually paid fees in excess of $600 million—for performance that has been at or near the bottom quartile over 2013 and 2014. PIMCO is reportedly being scrutinized by the Securities and Exchange Commission for the way PIMCO purchased and valued certain bonds in the ETF version of the Fund. PIMCO also recently made headlines due to the sudden departure of Bill Gross and his reported $200 million annual salary after being publicly criticized for his excessive salary and "bullying" management style.
Our investigation focuses on whether PIMCO breached its fiduciary duty to Fund shareholders under Section 36(b) of the Investment Company Act of 1940 for charging excessive fees to the PIMCO Total Return Fund. If you are a current PIMCO Total Return Fund shareholder and are concerned about the excessive management fees associated with this bond fund, contact attorneys Michael Woerner or Laura Gerber at (800) 776-6044, or via email at investor@kellerrohrback.com to learn more about Keller Rohrback's investigation.
Keller Rohrback is one of America's leading class action firms handling cases for over two decades. We are committed to helping investors recover losses due to breaches of fiduciary duty and excessive fees. With offices in Seattle, Phoenix, New York, and Santa Barbara, Keller Rohrback serves as lead and co-lead counsel in class actions throughout the country. Our Complex Litigation Group is proud to offer its expertise to clients nationwide, and our trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
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