On September 25th, a Federal District Court denied AXA Equitable Life's motion to dismiss. Plaintiff, a variable annuity certificate holder, alleges that AXA, the investment adviser for the AXA Funds, charges the funds excessive fees in violation of Section 36(b) of the Investment Company Act (the "ICA"). AXA sought to dismiss the claim for lack of standing, arguing that plaintiff is not a "security holder" under the ICA because her assets are held in a separate account. The Court noted that plaintiff bears all the indicia of ownership, including tax and fee liability and risk of loss. She also will receive dividends and any profits. As such, she has standing to bring the excessive fee claim. Sivolella v. AXA Equitable Life Insurance Co. (not published).