The U.S. Court of Appeals for the Tenth Circuit has affirmed the lower court’s trial ruling in the Section 36(b) lawsuit, Obeslo v. Great-West Capital Management, LLC et al.1 The ruling comes at the tail end of a wave of...more
The U.S. District Court for the District of Colorado on August 7, 2020 issued its post-trial findings of fact and conclusions of law in Obeslo v. Great-West Capital Management, LLC et al. The ruling comes at the tail end of a...more
8/20/2020
/ Actual Damages ,
Breach of Duty ,
Burden of Proof ,
Calculation of Damages ,
Damages ,
Excessive Fees ,
Fiduciary Duty ,
Gartenberg Factors ,
Investment Adviser ,
Investment Company Act of 1940 ,
Motion for Summary Judgment ,
Motion to Dismiss ,
Post-Trial Order ,
Section 36(b) ,
Shareholder Litigation ,
Standing
The U.S. District Court for the Southern District of New York issued a comprehensive post-trial ruling on September 30, 2019 in Chill v. Calamos Advisors LLC, holding that Plaintiffs failed to meet their burden to show that...more
10/10/2019
/ Breach of Duty ,
Burden of Proof ,
Dismissals ,
Excessive Fees ,
Expert Witness ,
Fiduciary Duty ,
Gartenberg Factors ,
Investment Adviser ,
Investment Company Act of 1940 ,
Mutual Funds ,
Section 36(b)
The Second Circuit, in Edwards v. Sequoia Fund, Inc., affirmed the dismissal of a claim alleging that a mutual fund breached a contract – its Statement of Additional Information (“SAI”), which forms part of its registration...more
10/9/2019
/ Appeals ,
Breach of Contract ,
Contract Formation ,
Dismissals ,
Investment Company Act of 1940 ,
Mutual Funds ,
Prospectus ,
Registration Statement ,
Shareholder Approval ,
Shareholder Litigation ,
Shareholders ,
Statements of Additional Information (SAIs)
The U.S. Court of Appeals for the Second Circuit, in disagreeing with the Courts of Appeals for the Third and Ninth Circuits, ruled on August 5, 2019 in Oxford University Bank v. Lansuppe Feeder, Inc. that a private right of...more
9/10/2019
/ Appeals ,
Breach of Contract ,
Equitable Relief ,
Failure to Report ,
Investment Company Act of 1940 ,
Investment Funds ,
Investors ,
Junior Lenders ,
Liquidation ,
Mutual Funds ,
Noteholders ,
Private Right of Action ,
Rescission ,
Section 47(b) ,
Senior Investors ,
Split of Authority ,
Summary Judgment ,
Trusts
On April 25, 2019, Judge Tanya Chutkan of the United States District Court for the District of Columbia ordered that mid-size and large employers (i.e., private employers, including federal contractors, with 100 employees or...more
5/1/2019
/ Data Collection ,
EEO-1 ,
Equal Employment Opportunity Commission (EEOC) ,
Federal Contractors ,
Filing Deadlines ,
Gender-Based Pay Discrimination ,
OMB ,
Order to Lift Stay ,
Pay Data ,
Pay Gap ,
Reporting Requirements ,
Stays ,
Wage and Hour
New York Governor Andrew Cuomo signed into effect the 2019 budget bill, including a large package of legislation aimed at combating workplace sexual harassment, on April 12, 2018. Last week, the New York State Division of...more
In the wake of a strong public reaction to the “Time’s Up” and “#MeToo” movements, states across the country are enacting legislation aimed at expanding and bolstering sexual harassment and discrimination protections in the...more
5/16/2018
/ #MeToo ,
Anti-Harassment Policies ,
Confidentiality Policies ,
Employee Training ,
Employment Contract ,
Local Ordinance ,
Mandatory Arbitration Clauses ,
Non-Employees ,
NYHRL ,
Posting Requirements ,
Sex Discrimination ,
Sexual Harassment ,
State Labor Laws ,
Statute of Limitations
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