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Supreme Court Endorses Governing Standard for Mutual Fund Fees Cases Under Investment Company Act: An ERISA Perspective (PDF)
Morgan Lewis via Mondaq Link to more items from this source
[Guidance Overview]
Apr. 23, 2010
5 pages. Excerpt: On March 30, in Jones v. Harris Associates L.P., No. 08-586, __ U.S. __, 2010 WL 1189560 (Mar. 30, 2010), the U.S. Supreme Court unanimously affirmed the Second Circuit's analysis in Gartenberg v.Merrill Lynch Asset Management, Inc., 694 F.2d 923 (2d Cir. 1982), as the standard by which the fees mutual funds pay to their investment advisers should be evaluated under Section 36(b) of the Investment Company Act of 1940 (the ICA). On March 31, Morgan Lewis's Investment Management Practice issued an analysis of the case from a fund management perspective, 'Supreme Court Affirms Gartenberg Standard in Unanimous Decision in Jones v. Harris Associates L.P.' This LawFlash focuses instead on the implications the Jones case may have under the Employee Retirement Income Security Act (ERISA).

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