Jay G. Baris

Jay G. Baris

Morrison & Foerster LLP

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SEC's Warning — Fund Trustees Are Fair Game

In a cease-and-desist order entered on June 17, 2015, the U.S. Securities and Exchange Commission found that a fund adviser, two independent trustees and an inside trustee willfully violated Section 15(c) of the Investment...more

7/20/2015 - Board of Trustees Cease and Desist Orders Civil Monetary Penalty Contract Renewal Disclosure Requirements Fiduciaries Fiduciary Duty Fiduciary Liability Fines Investment Adviser Investment Advisory Agreements Investment Company Act of 1940 Mutual Funds Section 15(c) Trustees

SEC Sanctions Independent Trustees for Deficient Advisory Contract Review

In a cease-and-desist order entered on June 17, 2015, the SEC found that a fund adviser, two independent trustees, and an inside trustee willfully violated Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”)...more

6/22/2015 - Investment Adviser Investment Advisory Agreements Investment Company Act of 1940 SEC Trustees

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more

5/3/2013 - Chief Compliance Officers Compliance Duty to Disclose Sanctions SEC Trustees

MMF Independent Trustees in Crisis: MMF Executives Sue Independent Trustees for Fraud and Waste of Corporate Assets

In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more

1/24/2013 - Class Action Derivative Suit Investment Adviser Lehman Brothers Money Market Funds SEC Trustees

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