From the Editor...
The fund industry continues to receive good news from the courts with regard to the many lawsuits in recent years that have alleged violations of Section 36(b) of the Investment Company Act of 1940 and other wrongdoings. In the past several weeks, the courts have upheld the industry's win in Kasilag v. Hartford and narrowed the scope of Obeslo v. Great-West Capital Mgmt. Meanwhile, the Ninth Circuit Court of Appeals seems to have finally put an end to Northstar v. Schwab.
But—just so you don't start feeling too comfortable—there also has been a new suit filed, class-action and derivative claims against Highland Funds. We're keeping an eye on that one, given the unusual approach the plaintiff has taken.
Inside the boardroom, Eaton Vance Funds is adding a couple of independent directors to fill seats vacated a year ago and Thrivent Funds is staffing a new board to oversee the adviser's first interval fund. On the topic of filling seats and recruiting directors, be sure to check out our latest 10 Things feature on the challenges boards often face when going through the process of finding new members.
And finally, Stacy Louizos from Drinker Biddle explores the ever-evolving subject of cybersecurity our latest Viewpoints. This is a hot topic in every business and one on which mutual fund directors should stay up to date. Louizos' piece provides great takeaways for board members, including talking points for discussions with advisers and what boards should expect to have reported to them on a regular basis. We're always looking for contributors to our Viewpoints section and topics to cover. Reach out if you want to write—or read—about a particular topic.
Hillary Jackson, founding editor