Top of the Agenda - Legal

Calamos judge: Claims rejected, witness credibility questioned

By Hillary Jackson

In a detailed opinion released this week, a New York judge has explained why he dismissed an excessive fees case against Calamos Advisors. Judge Edgardo Ramos, of the Southern District of New York, rejected the plaintiff's claims and the credibility of expert witnesses who testified for the plaintiff while commending ... >> CONTINUE READING <<<

Goodwin IM Practice founder O'Dell passes away

The founder of Goodwin Procter's Investment Management Practice, Edward O'Dell, has passed away at 83. O'Dell joined Goodwin in 1966, was named partner in 1970, and retired in 2000. "He will be missed," the firm said in a release.

O'Dell, who died Monday, was a graduate of Brown University and University of ... >> CONTINUE READING <<<

Calamos wins 36(b) case

By Hillary Jackson

A Southern District of New York judge has found in favor of defendant Calamos Advisors in a case that claimed the mutual fund firm had breached its fiduciary duty under Section 36(b) of the Investment Company Act of 1940. The decision comes nearly a year after the case was argued ... >> CONTINUE READING <<<

Sullivan grows NY office with two '40 Act lawyers

By FBV Staff

Sullivan & Worcester has expanded its New York office with the addition of two 1940 Act lawyers in the firm's Investment Management Group. Domenick Pugliese has joined as a partner, while Rachael Schwartz has joined as counsel; both moved over from Schiff Hardin.

Joel Carpenter, managing partner at Sullivan, said in ... >> CONTINUE READING <<<

Plaintiff loses appeal in Sequoia Fund suit

By Hillary Jackson

The U.S. Court of Appeals for the Second Circuit has affirmed a lower court's decision to dismiss a breach of contract case against Sequoia Fund, one of several lawsuits related to the fund's investment in Valeant Pharmaceuticals. Edwards v. Sequoia Fund claimed the fund violated its industry concentration policy when ... >> CONTINUE READING <<<

MD court rejects Sequoia Fund derivative claims

By Hillary Jackson

A Maryland court this week dismissed derivative claims against the directors of Sequoia Fund and its investment adviser related to the fund's 2015 investment in Valeant Pharmaceuticals. The ruling, from Baltimore City Circuit Court Judge W. Michel Pierson, is the latest victory for Sequoia Fund's directors and adviser after years ... >> CONTINUE READING <<<