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Seventh Circuit Rejects 'Reasonableness' as the Standard for Excessive Fee Claims Under Section 36(b) of the 1940 Act (PDF)
Eversheds Sutherland via Lexology; registration required 
[Guidance Overview] June 2, 2008 Excerpt: The Seventh Circuit, in Jones v. Harris Associates, rejected the 'reasonableness' standard, as articulated in Gartenberg v. Merrill Lynch Asset Management Inc., for evaluating excessive fee claims under Section 36(b), the Investment Company Act of 1940 ('1940 Act'). In so doing, it highlighted a split among the circuits as to the appropriate test for analyzing excessive fee claims. MORE >> |
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