Section 47(b) Claim Under 1940 Act Dismissed Against a Mutual Fund's Distributor and Trustees for the Alleged Failure of Broker-Dealers that Receive Rule 12b-1 Fees to Register as Investment Advisers

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A federal district court recently dismissed a complaint brought derivatively on behalf of a mutual fund seeking rescission, pursuant to Section 47(b) of the Investment Company Act of 1940, of the fund's distribution agreement that provided for the payment of Rule 12b-1 fees. This update discusses the decision, as well as substantially similar lawsuits brought by the same firm against other mutual fund complexes.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© David Kotler | Attorney Advertising

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