8th Circ. Revives Mutual Fund Fee Suit V. Ameriprise

Law360, New York (April 13, 2009, 12:00 AM EDT) -- A federal appeals court has revived a lawsuit against Ameriprise Financial Inc. over mutual fund fees after finding the lower court improperly applied the benchmark decision Gartenberg v. Merrill Lynch Asset Management Inc. to toss the case.

The U.S. Court of Appeals for the Eighth Circuit on Wednesday said the lower court construed the extent of the defendants' duty to its mutual fund clients under Section 36(b) of the Investment Company Act too narrowly and remanded the case.

The lower court had granted summary judgment to...
To view the full article, register now.