Top of the Agenda - Legal

Fund lawyers say Pinnacle case an outlier
By Hillary Jackson
When the Securities and Exchange Commission announced earlier this month it was charging a mutual fund adviser, some of its officers, and two independent fund directors with rule 22e-4 violations, it's safe to say market participants were at least a little bit concerned. But in the days since the details ...  >> CONTINUE READING <<<

 

 

Fund boards: Pay attention to books and records trend
By Hillary Jackson
There's been an uptick in requests for books and records that can cover everything from documents reflecting actions taken by the board to internal communications that could include emails, texts, and other material, according to mutual fund industry lawyers. Independent fund directors should be aware of this trend and of ...  >> CONTINUE READING <<<

 

 

Fifth Circuit affirms Highland suit dismissal
By Hillary Jackson
The Fifth Circuit Court of Appeals has affirmed the dismissal of a 2018 lawsuit brought against the board members of a Highland Funds trust and adviser Highland Capital Management Fund Advisors. In Lanotte v. Highland Capital Mgmt. Fund Advisors, L.P., the plaintiff made accusations of breach of fiduciary duty, breach ...  >> CONTINUE READING <<<

 

 

Vanguard board seeks lawsuit dismissal
The independent directors of Vanguard Funds have submitted a motion to dismiss a class-action lawsuit brought against them last March by a group of retail investors. The claims in the lawsuit center around high tax bills the investors received in 2021 that stemmed from unusually large capital gains distributions from ...  >> CONTINUE READING <<<

 

 

'40 Act lawyers: GSAM settlement raises questions
By Hillary Jackson
The news on Tuesday that Goldman Sachs Asset Management agreed to pay $4 million to settle Securities and Exchange Commission charges related to how it manages ESG mutual funds and other products has '40 Act lawyers pointing to inconsistencies and mixed messages coming from the regulator.
 
The SEC charged GSAM for ...  >> CONTINUE READING <<<

 

 


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Top of the Agenda - Compensation
IDC study: Director pay up more than 5% in 2022

Independent mutual fund directors earned more in 2022 than they did in 2021, according to industry data obtained by Fund Board Views. The year-on-year increase—a median of ...