&gt; <i>it</i> has <i>to offer it&#x27;s services at a competitive market rate.</i><p>It&#x27;s asset-weighted fees are approximately 1&#x2F;6 of its competition. That seems pretty competitive to me.<p>Less bombastically, who decides what a competitive fee is? If they charged 1&#x2F;2 market rate would this suit have ever been filed?<p>If they were operating at a loss I think it&#x27;d be pretty easy to claim they were avoiding taxes and should be operating at break even. But they <i>are</i> operating at break even, so I think it&#x27;s hard to make the argument that they should be charging more &quot;just because other firms do&quot; and not come off as just some opportunist trying to cash in on a whistle-blower payout.