Top of the Agenda - Legal

BlackRock wins 36(b) case
By Hillary Jackson
An excessive fees lawsuit filed against BlackRock Advisors four years ago has been dismissed by a New Jersey judge, handing another win to an industry that's been dealing with charges of violations of Section 36(b) of the Investment Company Act of 1940 for years. This is the third such case ...  >> CONTINUE READING <<<

 

 

WAMCO 36(b) case dismissed
By Hillary Jackson
An excessive fees lawsuit filed against Western Asset Management Co. last spring has been dismissed with prejudice. The suit, Winston v. Western Asset Mgmt. Co., was the second of only two new suits claiming section 36(b) violations to be filed since the 2016 AXA decision; the other, filed in 2017 ...  >> CONTINUE READING <<<

 

 

MetWest 36(b) trial: Closing arguments set for February
By Hillary Jackson
The two sides in an excessive fees case against Metropolitan West Asset Management will reconvene in a Los Angeles courtroom on Feb. 22 to present closing arguments after wrapping up the trial in late December. The eight-day trial, being heard by U.S. District Court Judge George Wu of the Central ...  >> CONTINUE READING <<<

 

 

Plaintiffs drop State Farm 36(b) case
By Hillary Jackson
Plaintiffs have dropped a lawsuit against State Farm Investment Management that alleged the adviser retained too-big a portion of the fees it charged for its LifePath funds. Ingenhutt v. State Farm Inv. Mgmt. Corp. dates back to mid-2015 and was amended, dismissed on a motion, and then revived over the ...  >> CONTINUE READING <<<

 

 

Calamos 36(b) trial testimony wraps up
By Hillary Jackson
Testimony has ended in excessive fees trial Chill v. Calamos Advisors LLC, and both parties are due to return to U.S. District Court in the Southern District of New York in February to present closing arguments. This is only the third of some two dozen recent lawsuits alleging violations of ...  >> CONTINUE READING <<<

 

 

MetWest fee suit headed to trial, board complaints intact
By Hillary Jackson
An excessive fees case against Metropolitan West Asset Management will proceed to trial after a California judge granted summary judgment with respect to two Gartenberg factors but failed to dispose of complaints regarding the four other factors—including the independence and conscientiousness of the fund’s independent directors. U.S. District Court Judge George Wu's ...  >> CONTINUE READING <<<

 

 


Most Read

Top of the Agenda - Governance
Victory-USAA deal: New board leadership on deck

In an unusual move, the board overseeing USAA's mutual funds is planning to replace its long-serving independent chairman with an interested chair upon completion of Victory ...
Viewpoints
Government shutdown hits funds, fund boards

Many news reports have recounted how the partial government shutdown has affected government employees, shuttered national parks, and unsettled the stock market. But few, if any, ...