From the Editor...

Today marks the first day of FBV's annual two-week August shutdown. But before we go, we'd like to remind you of what we've been up to lately.

The big news in recent weeks was MetWest's victory in court after years of fighting a lawsuit that alleged the fund adviser had violated Section 36(b) of the Investment Company Act of 1940. The decision was the latest in a string of wins for the mutual fund industry, and lawyers are calling it the "final nail in the coffin" of the excessive fees cases that have plagued fund firms for a decade. Not surprisingly (though awfully quickly), the plaintiff filed an appeal within days. So, it's not quite over yet...

In other legal news, a court in Baltimore dismissed claims against the fund directors and investment adviser of Sequoia Fund. The suit was one of many filed after Sequoia's large investment in Valeant Pharmaceuticals went bad in 2015. The defendants in those cases have thus far been successful in getting the cases thrown out.

In our latest Viewpoints, industry veteran Jilaine Bauer looks at what fund directors should know about artificial intelligence. It might seem like a look into the future, but it's not—and now's as good a time as any to become familiar with the concept and understand how the issue might (and should) become a topic in the boardroom. It's a perfect beach read, so tuck in as you enjoy these last weeks of summer.

Finally, we've brought readers news of an addition to the boardroom at Wilshire Funds in Santa Monica, Calif. The board has enlarged its size, but only temporarily. Reading about how others handle recruitment and succession planning is a great way to stay informed and abreast of industry best practices. 

We'll be back after Labor Day with the exclusive news, analysis, and industry know-how our readers count on. In the meantime, have a relaxing couple of weeks (we're certainly going to try to!). More in September...

For now,

Hillary Jackson, founding editor