Top of the Agenda - Legal

'40 Act 'titan' Dick Phillips dies at 86

By Hillary Jackson

Mutual fund professionals are remembering a mentor who helped shape the industry during his decades of service after retired K&L Gates partner Dick Phillips passed away earlier this month. He was 86.

Phillips retired from K&L Gates' San Francisco office just last year, ending a career in the financial services industry ... >> CONTINUE READING <<<

Perkins Coie, industry mourn death of Marty Lybecker

By Hillary Jackson

The legal and investment management communities are mourning one of their own this week following the death over the weekend of Marty Lybecker, chairman of the Investment Management practice at Perkins Coie LLP in Washington, D.C. Lybecker, who was 72, died in Charleston, S.C., on Sept. 2 after sustaining injuries ... >> CONTINUE READING <<<

Donohue joins Shearman & Sterling's funds group

By Hillary Jackson

Andrew "Buddy" Donohue has joined Shearman & Sterling LLP in the law firm's New York office. Donohue, who also serves as an independent director for OppenheimerFunds and as a university lecturer, has been named an of counsel in the global funds and regulatory practice. His work will include fund board ... >> CONTINUE READING <<<

First Eagle sub-adviser fee comparison 36(b) case dismissed

By Hillary Jackson

An excessive fees case filed against First Eagle Investment Management more than three years ago was dismissed this week with prejudice, with no settlement involved. Kennis Trust v. First Eagle Investment Management LLC is the first of its kind among the current round of cases alleging violations of Section 36(b) of the ... >> CONTINUE READING <<<

Early, peculiar 36(b) case dismissed on appeal

By Hillary Jackson

One of the earliest in the current wave of lawsuits targeting mutual fund fees came to an end in late July when the U.S. Court of Appeals for the Eighth Circuit upheld a lower court's dismissal of the case. The appeals court's ruling is being viewed as a win for ... >> CONTINUE READING <<<

Third Avenue litigation comes to an end

By Hillary Jackson

Litigation related to the collapse of Third Avenue Management's Third Avenue Focused Credit Fund has come to an end, just 18 months after the fund was closed in December 2015. Two suits have been settled with plaintiffs and a third has been dismissed. The fund's independent directors were named defendants ... >> CONTINUE READING <<<