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Investment Adviser › Motion for Summary Judgment

Dechert LLP

OnPoint: Federal Court Issues Trial Ruling in Section 36(b) Lawsuit: Great-West Advisory Fees Held Not a Breach of Fiduciary Duty

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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

Bass, Berry & Sims PLC

Chris Lazarini Examines Standards for Proving Breach of Fiduciary Duty

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Bass, Berry & Sims attorney Chris Lazarini examined a case in which a group of shareholders alleged the company and two individual defendants breached their fiduciary duties to shareholders, and an investment bank aided and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - September 2019

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This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more

Vedder Price

Court Finds for Defendant Investment Adviser in Section 36(b) Excessive-Fee Case

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On August 5, 2019, the U.S. District Court for the Central District of California found for the defendant, Metropolitan West Asset Management, LLC (MetWest), following a bench trial in an excessive fee case brought under...more

Bass, Berry & Sims PLC

Chris Lazarini Analyzes Presumption of Fraud in Case Involving Advisor's Effort to Avoid Paying a Promissory Note

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Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which a former investment advisor at UBS sought to prevent the company from collecting on promissory notes the advisor owed to UBS upon his departure. After the...more

Dechert LLP

Courts Rule in Favor of Advisers in Three Mutual Fund Excessive Fee Cases

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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

Winstead PC

Court Reversed Summary Judgment For A Client As Against His Financial Advisor

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In Kang v. Song, Song sued Kang for fraud, violations of the Texas Securities Act, violations of Texas’s Deceptive Trade Practices Act (DTPA), breach of fiduciary duty, negligent misrepresentation, breach of contract, and...more

Proskauer - Employee Benefits & Executive...

Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

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As we previously reported, there are five pending lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. Our Client Alert on the new rule outlines the significance of the rule and the implications of the...more

K&L Gates LLP

Seventh Circuit Affirms District Court on Remand in Jones v. Harris Associates

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In Jones v. Harris Associates L.P., the Supreme Court adopted the Gartenberg standard for cases brought under Section 36(b) of the Investment Company Act of 1940: “[T]o face liability... an investment adviser must charge a...more

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