Plaintiffs Face Uphill Battle In Excessive-Fee Litigation

Law360, New York (March 16, 2017, 9:53 AM EDT) -- Eben P. Colby

Seth M. Schwartz

Kenneth E. Burdon Following a four-day bench trial, Judge Renee Marie Bumb of the U.S. District Court for the District of New Jersey ruled in favor of an adviser on claims brought under Section 36(b) of the Investment Company Act by investors in six mutual funds managed by the adviser. Kasilag v. Hartford Investment Financial Services LLC, No. 1:11-cv-01083 (Feb. 28, 2017). The court applied the Gartenberg standard, adopted by the U.S. Supreme Court in Jones v. Harris Associates LP,...
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