News & Analysis as of

Mutual Funds Board of Directors Fiduciary Duty

Carlton Fields

The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence

Carlton Fields on

In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church & Dwight Co. fatally undermined Craigie’s status as an “independent director” of the company under New...more

Goodwin

Federal District Court Dismisses Mutual Fund Excessive Fee Lawsuit

Goodwin on

On February 14, 2018, the U.S. District Court for the Southern District of New York in Manhattan issued a decision dismissing a complaint brought under Section 36(b) of the Investment Company Act of 1940, as amended, that...more

Goodwin

Court Rules in Favor of Investment Adviser after Trial in Section 36(b) Excessive Fee Case

Goodwin on

In a case closely watched by the mutual fund industry, the federal district court in New Jersey ruled on Thursday in favor of a mutual fund’s investment adviser and against the shareholders who had brought the lawsuit under...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more

Proskauer Rose LLP

SEC Sanctions Independent Trustees for Approving Mutual Fund Advisory Contract without Sufficient Information

Proskauer Rose LLP on

Underscoring the need for independent trustees to act vigilantly, a recent SEC consent order issued in an enforcement action imposed discipline on a mutual fund's independent trustees, its investment advisor, and the...more

Broker-Dealer Compliance + Regulation

MFDF Updates Best Practices – Fund Directors Should Be Independent and Fully Informed

The Mutual Fund Directors Forum updated its best practices recommendations for mutual fund directors. The October 13 report, Practical Guidance for Mutual Fund Directors – Board Governance and Review of Investment Advisory...more

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