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ICI Defends Revenue Sharing and Higher-Fee Share Classes in the Tenth Circuit Barrick Gold Case
Encore Fiduciary
[Opinion] Nov. 22, 2022 "The Barrick Gold district court dismissed nearly every aspect of the excessive fee complaint by going outside the complaint and reviewing the trust agreement.... The Tenth Circuit now has a choice: follow the Ninth Circuit and allow plaintiff law firms to create false issues of fact with false investment and recordkeeping fees, or review the alleged excessive fees in the correct context of the trust agreement and possible credits and discounts.... The ICI brief captures the harm that has been caused by the over 400 excessive fee cases and the incoherent responses by courts in which the plausibility standard is disparately applied. " [Matney v. Barrick Gold of N. Am., Inc., No. 20-275 (D. Utah Apr. 21, 2022; recon. denied Jun. 21, 2022; on appeal to 10th Cir. No. 22-4045)] |
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