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T. Rowe Price accused of charging excessive mutual fund fees

A group of investors in T. Rowe Price mutual funds have accused the U.S. investment manager of charging an estimated $388 million in excessive fees, according to a federal civil lawsuit.

T. Rowe Price Group said the claims made in the lawsuit, which was filed on Wednesday, were without merit. The company will aggressively defend itself against the litigation, spokesman Brian Lewbart said in an email.

The complaint targets some of T. Rowe Price's most popular funds, including its $31 billion Blue Chip Growth Fund, according to documents filed in U.S. District Court in Oakland, California. The company, for example, is accused of charging up to 69 percent more in management fees on its...