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Courts

Judge dismisses lawsuit against PIMCO alleging excessive fees

A lawsuit filed against Pacific Investment Management Co. by a shareholder of the PIMCO Total Return Fund has been dismissed, according to court documents.

In the lawsuit filed at the end of 2014, plaintiff Robert Kenny alleged that PIMCO charged excessive fees on its Total Return Fund and breached its fiduciary duties "by receiving excessive compensation from the fund, plaintiff and the other fund shareholders that is so disproportionately large that it bears no reasonable relationship to the services rendered."

But in an Aug. 8 decision written by Chief U.S. District Judge Ricardo S. Martinez in Seattle, the case is being "dismissed with prejudice," and that all "pending cross-motions for summary judgment and all briefing, declarations, exhibits, and supporting materials offered in support thereof are hereby withdrawn from consideration."

Mr. Martinez added that "the parties request that material currently filed under seal remain sealed."

Th judge did not explain why the case is being dismissed.

PIMCO spokeswoman Agnes Crane declined to comment. Mr. Martinez; Michael D. Woerner, Mr. Kenny's attorney from the law firm Keller Rohrback; and John D. Donovan, PIMCO's attorney from the law firm Ropes & Gray, could not be immediately reached for additional comment.