Mutual Funds Should Stay Out Of Shareholder Litigation
Law360 (September 5, 2019, 4:20 PM EDT) -- A forthcoming article in the University of Chicago Law Review insists that mutual funds should act as plaintiffs in shareholder litigation more often than they do. Authors Sean Griffith and Dorothy Lund conclude — based on an empirical study of a decade of select case filings — that mutual funds “very rarely” participate in shareholder litigation, including serving as lead class plaintiffs or opt-out plaintiffs in securities litigation against companies held in fund portfolios.
The authors argue that as fiduciaries, fund advisers owe it to shareholders to participate more aggressively, among other reasons, to increase recoveries for fund shareholders. Members of the plaintiffs...
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