Jones v. Harris Associates L.P., 07-1624
Summary judgment for defendant in an action alleging high fees in violation of section 36(b) of the Investment Company Act of 1940 is affirmed where the circuit court rejects the approach in Gartenberg v. Merrill Lynch Asset Management, Inc. 694 F.2d 923 (2d Cir. 1982) interpreting section 36(b) as merely delineating a fiduciary standard and not creating a "reasonableness" approach in relation to the fees imposed.
- Decided 05/19/2008
- Published 05/19/2008
EASTERBROOK, Chief Judge., Before EASTERBROOK, Chief Judge, and KANNE and EVANS, Circuit Judges.
United States Seventh Circuit
James C. Bradley, Richardson, Patrick, Westbrook & Brickman, Charleston, SC, Ernest Young (argued), Austin, TX, for Plaintiffs-Appellants.
Gordon B. Nash, Jr., Drinker, Biddle & Reath, Chicago, IL, John D. Donovan, Jr. (argued), Brian R. Blais, Ropes & Gray, Boston, MA, for Defendant-Appellee.