News & Analysis as of

Investment Adviser Section 36(b)

Dechert LLP

Tenth Circuit Affirms Another Adviser Victory in Section 36(b) Lawsuit

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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

Goodwin

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

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In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

Carlton Fields

Great-West Wins 36(b) Fee Case

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Great-West Life & Annuity Insurance Co. and Great-West Capital Management, LLC (together, “Great-West”) have won a judgment that they did not violate their fiduciary duty by receiving excessive investment advisory and...more

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

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

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In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

Bass, Berry & Sims PLC

Chris Lazarini Outlines Factors to Determine Whether Adviser's Fees Violate Investment Company Act

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Bass, Berry & Sims attorney Chris Lazarini outlined the factors courts must consider in determining whether the fees an adviser charges a mutual fund are excessive and in violation of the Investment Company Act. All the...more

Dechert LLP

Sixth Circuit Issues Section 36(b) Ruling Affirming Grant of Summary Judgment To Mutual Fund Investment Adviser

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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 risks. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - January 2020

In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more

Vedder Price

Court Dismisses Plaintiffs’ Excessive Fee Claim against Mutual Fund Adviser following Trial

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On September 27, 2019, following a two-week bench trial, the U.S. District Court for the Southern District of New York dismissed an action brought by mutual fund shareholders under Section 36(b) of the Investment Company Act...more

Dechert LLP

Recent Section 36(b) Post-Trial Ruling Awards Complete Victory to Mutual Fund Investment Adviser

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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

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - September 2019

In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...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

Vedder Price

Investment Services Regulatory Update - August 2019

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Litigation and Enforcement Actions and Initiatives – SECTION 36(b) LITIGATION – Court Finds for Defendant Investment Adviser in Section 36(b) - Excessive-Fee Case – On August 5, 2019, the U.S. District Court for the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Another Mutual Fund Adviser Prevails at Trial in Excessive Fee Case

On July 31, 2019, Judge George H. Wu of the U.S. District Court for the Central District of California released tentative findings of fact and conclusions of law dismissing an excessive fee claim brought under Section 36(b)...more

Skadden, Arps, Slate, Meagher & Flom LLP

SDNY Rules in Favor of Mutual Fund Adviser, Dismisses Excessive Fee Claim

In an opinion unsealed on July 3, 2019, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York granted summary judgment to a mutual fund adviser and dismissed an excessive fee claim brought...more

Goodwin

Another Court Grants Summary Judgment to Adviser In Section 36(B) Mutual Fund Excessive Fee Lawsuit Brought Under Subadvisory Fee...

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In a newly unsealed decision, the federal district court in Manhattan granted summary judgment in favor of a mutual fund’s investment adviser in a lawsuit filed pursuant to Section 36(b) of the Investment Company Act of 1940....more

K&L Gates LLP

Court Grants Summary Judgment to Defendant Investment Adviser in Section 36(b) Excessive Fee Lawsuit

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In a strong opinion, a federal court in the Southern District of New York recently dismissed a suit alleging that the defendant charged “excessive” fees to a mutual fund....more

Goodwin

Second Circuit Affirms Pre-Discovery Dismissal of Section 36(b) Subadvisory Fee Comparison Complaint

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On March 18, 2019, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal prior to discovery of a complaint filed under Section 36(b) of the Investment Company Act of 1940. The Second Circuit’s decision is...more

Goodwin

Another Court Partially Denies Summary Judgment, Sends Case to Trial in Section 36(b) Excessive Fee Action

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On October 25, 2018, Judge George Wu of the U.S. District Court for the Central District of California in Los Angeles largely denied an investment adviser’s motion for summary judgment in an action against Metropolitan West...more

Vedder Price

Investment Services Regulatory Update - August 2018

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New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS – OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution – On July 11, 2018, the Office of Compliance Inspections and...more

Vedder Price

Investment Services Regulatory Update - July 2018

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New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes New Rule to Permit Certain ETFs to Operate Without an Exemptive Order - On June 28, 2018, the SEC issued a proposed new rule under the...more

K&L Gates LLP

Third Circuit Affirms Judgment for Investment Adviser in Section 36(b) Action

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In a non-precedential opinion, the Third Circuit has affirmed a district court’s ruling in favor of AXA Equitable Fund Management Group (“FMG”) in a case in which the plaintiffs had claimed that FMG charged excessive fees for...more

K&L Gates LLP

United States District Court for the Northern District of Illinois Grants Summary Judgment in “Manager of Managers” Excessive Fee...

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On March 13, 2018, the United States District Court for the Northern District of Illinois entered summary judgment for Harbor Capital Advisors, Inc. (“Harbor”) in consolidated actions brought under Section 36(b) of the...more

Goodwin

Federal District Court Dismisses Mutual Fund Excessive Fee Lawsuit

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On February 14, 2018, the U.S. District Court for the Southern District of New York in Manhattan issued a decision dismissing a complaint brought under Section 36(b) of the Investment Company Act of 1940, as amended, that...more

Vedder Price

Investment Services Regulatory Update - February 2018

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New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

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