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    Torts Keyed to Prosser

    Transamerica Mortgage Advisors, Inc. (TAMA) v. Lewis

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      The Investment Advisers Act of 1940 (Act) was enacted to deal with abuses in the investment advisers industry. A shareholder of Petitioner, Mortgage Trust of America (Petitioner), brought this action in a federal district court as a derivative action on behalf of Petitioner, several individual trustees, the Trust investment adviser, Transamerica Mortgage Advisors, Inc. (TAMA), and two of its affiliated corporations. The Respondent’s complaint alleged that Petitioner in the course of advising or managing the Trust had been guilty of various frauds and breaches of fiduciary duty. The complaint outlined three cause of action including that the advisory contract provided for grossly excessive compensation and was not properly registered. It also alleged that Petitioners breached their fiduciary duty to Petitioner by causing it to purchase securities of inferior quality, and that the Petitioner had misappropriated profitable investment opportunities for the benefit of other compani es affiliated with TAMA. The complaint sought injunctive relief to restrain further performance of the advisory contract, rescission of the contract, restitution of fees and other considerations paid by the Trust, an accounting of illegal profits, and an award of damages. The trial court ruled that the Act conferred no private right of action, and accordingly dismissed the complaint. The court of appeals reversed holding that the implication of a private right of action for injunctive relief and damages under the Act favored Plaintiffs, and is necessary to achieve the goals of Congress in enacting the legislation.

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    Transamerica Mortgage Advisors, Inc. (TAMA) v. Lewis