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Mutual Funds Supreme Court of the United States

Goodwin

Supreme Court to Resolve Circuit Split Over Existence of Implied Private Right of Action Under Section 47(b) of the Investment...

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On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., agreeing to resolve a circuit split over whether private parties have an implied right of action to...more

Carlton Fields

Can Shareholders Rescind an Investment Company’s Contracts Based on 1940 Act Violations?

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Section 47(b) of the Investment Company Act of 1940 provides that contracts that violate or “whose performance involves, a violation of” the act are not enforceable by “either party.” ...more

Proskauer Rose LLP

2024 SEC Examination Priorities –Takeaways for Registered Fund and BDC Managers

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On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").[1] Unlike in previous years when the...more

Harris Beach Murtha PLLC

Syndicated Loans are Not Securities, Court Rules

In a win for banks and private credit lenders, the U.S. Court of Appeals, Second Circuit recently ruled a $1.8 billion leveraged loan was not a security. The United States syndicated loan market had been anxiously...more

Proskauer - Employee Benefits & Executive...

Industry Coalition Unites to Support Dismissal of ERISA Fiduciary-Breach Claims Related To BlackRock Target Date Funds

The filing of a new 401(k) plan “excessive fee” or “investment underperformance” complaint is hardly “news” these days given the proliferation of suits that have been filed over the past several years. In fact, hardly a week...more

Levenfeld Pearlstein, LLC

U.S. Supreme Court to Hear Foreign Financial Account Penalty Case

$50,000 or $2.72 million? Those are the penalty amounts for the non-willful failure to timely file to report foreign financial accounts at issue in U.S. v Bittner, which will be argued before the U.S. Supreme Court in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Chinese government has seized control of Anbang Insurance Group, the formerly staid insurance conglomerate with a murky leadership structure that in recent years has amassed billions in debt through a global acquisition...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Investors’ decreasing appetite for actively managed mutual funds appears to have helped drive the major shake-up at AllianceBernstein Holding, which said so long to CEO Peter Kraus and removed nine board members in favor of 6...more

Carlton Fields

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

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- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more

Goodwin

Financial Services Weekly News - May 2016 #3

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Regulatory Developments - SEC Publishes Small Entity Compliance Guide for Crowdfunding - On May 13, the Securities and Exchange Commission (SEC) published a small entity compliance guide for companies wishing to...more

Ballard Spahr LLP

Investment Management Update - October 2015

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Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

Carlton Fields

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

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In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News ...more

Laner Muchin, Ltd.

Supreme Court Emphasizes Requirements About Selecting and Monitoring Plan Investments

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Plan administrators, investment committees and any other plan fiduciary responsible for selectingthe investment options of an employee benefit plan subject to ERISA should take note of the recent U.S. Supreme Court ruling in...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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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

K&L Gates LLP

Seventh Circuit Affirms District Court on Remand in Jones v. Harris Associates

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In Jones v. Harris Associates L.P., the Supreme Court adopted the Gartenberg standard for cases brought under Section 36(b) of the Investment Company Act of 1940: “[T]o face liability... an investment adviser must charge a...more

Carlton Fields

SEC Puts Janus in its Place

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Interpretive positions adopted in a recent SEC opinion will, if accepted by the courts, greatly undermine the significance of the U.S. Supreme Court’s 2011 opinion in Janus Capital Group, Inc. v. First DerivativeTraders. ...more

Baker Donelson

SCOTUS Reinforces ERISA Fiduciaries' Continuing Duty To Monitor Plan Investments

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Recently, in Tibble v Edison International, 575 U.S.(2015), the United States Supreme Court addressed the application of the Employment Retirement Income Security Act (ERISA) statute of limitations for violations of fiduciary...more

Cozen O'Connor

Supreme Court Expands Scope of Fiduciary Liability

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In Tibble v. Edison International, the U.S. Supreme Court expanded the scope of the duty of prudence owed by ERISA fiduciaries. Although ostensibly a case about the statute of limitations, the Court ruled that trustees of...more

Goodwin

Financial Services Weekly News Roundup - May 2015 #5

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SEC Enforcement Action on FCPA Compliance – Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more

Stinson - Benefits Notes Blog

Supreme Court: 401(k) Plan Fiduciaries Have An Ongoing Duty To Monitor

In April 2013 I reported on the 9th Circuit Court of Appeals decision in Tibble v. Edison International which involved an alleged breach of fiduciary duty by the Edison 401(k) Savings Plan committee selecting six retail...more

Eversheds Sutherland (US) LLP

Supreme Court Instructs Ninth Circuit to Consider Common Law of Trusts in Applying ERISA's Statute of Limitations

The Supreme Court has once again emphasized the importance of ERISA’s origins in the common law of trusts, this time in interpreting its statute of limitations. On May 18, the Court reversed the Ninth Circuit’s decision in...more

Carlton Fields

Supreme Court Clarifies Scope of Fiduciary Duty Under ERISA

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On May 18, the Supreme Court held, in Tibble v. Edison International that a fiduciary “has a continuing duty to monitor trust investments and remove imprudent ones. This continuing duty exists separate and apart from the...more

McDermott Will & Emery

Supreme Court to Review Application of ERISA’s Six-Year Statute of Limitations in Tibble v. Edison Int’l.

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On October 2, 2014, the Supreme Court of the United States granted the plaintiffs’ petition for a writ of certiorari in Tibble v. Edison International to answer “Whether a claim that [Employee Retirement Income Security Act]...more

Ballard Spahr LLP

Investment Management Update

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In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

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