Mutual Fund Advisory Case Bears Watching

Law360, New York (September 3, 2008, 12:00 AM EDT) -- On Aug 8, 2008, the United States Court of Appeals for the Seventh Circuit voted against rehearing en banc the panel decision in the Harris Associates[1] case.

The panel opinion in that case, which was handed down on May 19, “disapproved” the long-standing Gartenberg case, which delineated the factors that most federal courts have applied to determine whether the advisory fees paid by mutual funds violate the fiduciary duty imposed on mutual fund advisers under Section 36(b) of the Investment Company Act of 1940 with respect...
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