United States Third Circuit

Section 36(b) of the Investment Company Act of 1940, does not preempt New Jersey state law establishing liability for breach of fiduciary duty and deceit.

Appellate Information

• Argued 06/27/2000
• Decided 03/16/2001
• Published 03/16/2001

Judges

• Before ROTH and GARTH, Circuit Judges, and STANTON, District Judge.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Bruce I. Goldstein,Alberto G. Santos, Saiber, Schlesinger, Satz & Goldstein, Newark, NJ, Lawrence M. Johnson, (Argued), Mahoney, Hawkes & Goldings, Boston, MA, Attorneys for Appellants.


• For Appellees:
  
• Alan S. Naar, Paul A. Rowe, Greenbaum, Rowe, Smith, Ravin, Davis & Himmel LLP, Woodbridge, NJ, Attorneys for Appellees-Defendants Fund Asset Management, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel and Terry K. Glenn., James N. Benedict, (Argued), Mark Holland, James F. Moyle, Sean M. Murphy, Danielle A. Prill, Clifford Chance Rogers & Wells LLP, New York, NY, Attorneys for Appellees Fund Asset Management, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel and Terry K. Glenn., Robert J. Del Tufo, Frank E. Derby, Skadden, Arps, Slate, Meagher & Flom LLP, Newark, NJ, Attorneys for Appellees MuniEnhanced Fund, Inc., MuniVest Fund II, Inc., MuniYield Fund, Inc., MuniYield Insured Fund, Inc., MuniYield Insured Fund II, Inc., MuniYield Quality Fund, Inc., and MuniYield Quality Fund II, Inc.