Hartford countered that its fee structures were acceptable, citing data from Lipper, a fund research unit of Thomson Reuters Corp. Bumb said Lipper's data were reliable.
The decision came six months after another New Jersey judge ruled against investors who accused Paris-based AXA SA of charging excessive fees on variable annuity products.
Both cases involved alleged violations of Section 36(b) of the Investment Company Act of 1940, which imposes a fiduciary duty on fund advisers of registered investment companies with regard to fees charged to investors.
"It's an important law that protects the nest eggs and college accounts and retirement accounts," Sweetser said. "People need protection from outrageous and excessive fees, and we will continue to fight a fight that needs to be fought."
The case is Kasilag v Hartford Investment Financial Services LLC, U.S. District Court, District of New Jersey, No. 11-01083.
This article was provided by Reuters.