Key Takeaways
- Sixth Circuit Court of Appeals reaffirms that comparison of advisory fees to subadvisory fees is “inapt” under Jones v. Harris Assocs., relying on undisputed evidence of differences in services and...more
4/3/2020
/ Appeals ,
Breach of Duty ,
Excessive Fees ,
Fiduciary Duty ,
Gartenberg Factors ,
Investment Adviser ,
Mutual Funds ,
Reaffirmation ,
Section 36(b) ,
Shareholder Litigation ,
Summary Judgment
Within recent weeks, there have been three noteworthy court rulings in pending Section 36(b) cases, with one court granting a motion to dismiss and two different courts fully granting substantive motions for summary judgment....more
3/29/2018
/ Appeals ,
Arms Length Transactions ,
Dismissals ,
Excessive Fees ,
Failure To State A Claim ,
Fiduciary Duty ,
Gartenberg Factors ,
Genuine Issue of Material Fact ,
Investment Adviser ,
Investment Company Act of 1940 ,
Motion for Summary Judgment ,
Motion to Dismiss ,
Mutual Funds ,
Standard of Review
The U.S. mutual fund industry is poised to see significant developments in the ongoing wave of Section 36(b) “excessive fee” litigation. Days apart in August, the Seventh Circuit Court of Appeals affirmed the grant of summary...more
10/7/2015
/ Appeals ,
Arms Length Transactions ,
Board Deferance ,
Board of Directors ,
Excessive Fees ,
Fiduciary Duty ,
Financial Adviser ,
Gartenberg Factors ,
Investment Adviser ,
Investment Company Act of 1940 ,
Mutual Funds ,
Private Right of Action ,
SCOTUS ,
Section 36(b) ,
Shareholders ,
Summary Judgment