This is a securities class action against The Principal Financial Group, who is the successor in interest to the WM funds.
The class action complaint alleges that the WM Funds charge .75% in undisclosed fees to all investors in all its funds. This amounts to hundreds of millions of dollars in undisclosed and unlawful fees. Specifically, the class action complaint alleges that the Funds' relevant prospectuses failed to disclose payments by the Funds' investment advisor to broker/dealers as part of a 'steering' program that compromised broker/dealers' objectivity and created insurmountable, undisclosed conflicts of interest.
Name (Stock Symbol)
Principal Financial Group, Inc. (PFG)
Principal Financial Group, Inc. provides retirement savings, investment, and insurance products and services.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.