BNA INSIGHTS: Jones v. Harris Associates L.P.—Mutual Fund Fees and the Supreme Court: What Next?

U.S. mutual funds represent 90 million investors who have entrusted the funds with $10 trillion in assets. That scale makes mutual funds one of the dominant vehicles for long-term savings in…

BNA INSIGHTS: The Market Meltdown and Mutual Fund Investors: Likely Claims and Several Potential Defenses

According to the Financial Industry Regulatory Authority (FINRA), 2009 witnessed a significant increase in arbitration filings and complaints by mutual fund investors. Contrary to past experience, mutual funds now…

Supreme Court Adopts ‘Gartenberg’ Standard for Deciding Whether Fund Fees Are Excessive

A unanimous U.S. Supreme Court concluded March 30 that “Gartenberg,” a 1982 appeals court decision, supplies the proper standard for determining whether investment advisory fees are excessive within the meaning of 1940 Investment Company Act Section 36(b)

SEC Staff Freeze Bids for Exemptive Relief By Some Exchange-Traded Funds That Rely on Derivatives

As part of its review of the use of derivatives by mutual funds, exchange-traded funds, and other investment companies, the Securities and Exchange Commission announced March 25 that its staff is putting a hold on exemptive requests seeking relief “to permit ETFs that would make significant investments in derivatives.”

Supreme Court Adopts ‘Gartenberg’ Standard for Deciding Whether Fund Fees Excessive

A unanimous U.S. Supreme Court concluded March 30 that “Gartenberg,” a 1982 appeals court decision, supplies the proper standard for determining whether investment advisory fees are excessive within the meaning of 1940 Investment Company Act Section 36(b) (Jones v. Harris Associates L.P., U.S., No. 08-586, 3/30/10).

SEC Review of Investment Company Use of Derivatives ‘Long Overdue,’ Official Says

The Securities and Exchange Commission’s recently announced initiative to review the use of derivatives by investment companies, including mutual and exchange-traded funds, is a significant move that was “long overdue,” Andrew Donohue, director of the SEC’s Division of Investment Management, said March 26.

N.Y. Fed Expands Counterparty Eligibility for Possible Reverse Repurchase Program

The Federal Reserve Bank of New York March 8 announced qualified money market mutual funds would be eligible counterparties in a possible reverse repurchase…

SEC Loses Key Appellate Case Against Fund Distributor Executives

In a closely watched case, the full U.S. Court of Appeals for the First Circuit March 10 ruled that the Securities and Exchange Commission cannot…

Appeals Court Revives Investment Advisers Act Suit over Mutual Funds’ Sales Practices

The district court erred in dismissing class securities fraud claims that certain Citigroup affiliates made misleading disclosures about…

ANALYSIS: 2010 Brings Raft of New U.S. Privacy Rules for Asset Management Businesses

Nathan J. Greene and Jesse P. Kanach, Shearman & Sterling LLP, write about a host of new privacy rules for investment management businesses…

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