In a decision unsealed on July 2, 2019, the federal district court in Manhattan granted summary judgment in favor of a mutual fund’s investment adviser in a lawsuit filed pursuant to Section 36(b) of ...
The Tribunal held that no interest disallowance can be made when ample interest-free funds are available. The key takeaway is that diversion cannot be presumed without establishing a nexus with ...
Second Circuit Affirms Pre-Discovery Dismissal of Section 36(b) Subadvisory Fee Comparison Complaint
On March 18, 2019, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal prior to discovery of a complaint filed under Section 36(b) of the Investment Company Act of 1940. The Second ...
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