2nd Circ. Affirms $7.5M Fee Award For Franklin Advisers

Law360, Los Angeles (August 1, 2013, 4:39 PM EDT) -- The Second Circuit on Thursday affirmed that Franklin Advisers Inc. is entitled to a $7.5 million fee to manage an investment portfolio over the appeal of portfolio shareholders CDO Plus Master Fund Ltd. and Merrill Lynch Pierce Fenner & Smith Inc.

The shareholders argued that the district court erred in relying on extrinsic evidence and concluding that Franklin, as collateral manager, was entitled to the contingent fee after the portfolio produced a 12 percent internal rate of return, according to the terms of the portfolio's governing...
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