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Banking Law Keyed to Barr, 3rd Ed.
Jones v. Harris Associates L.P.
Citation:
559 U.S. 335 (2010)Facts
Petitioners were shareholders in three different mutual funds managed by respondent Harris Associates L.P., an investment adviser. They filed an action under Section 36(b) of the Investment Company Act, seeking damages, an injunction, and rescission of advisory agreements between Harris Associates and the mutual funds. The complaint alleged that Harris Associates had violated Section 36(b) by charging fees that were “disproportionate to the services rendered” and “not within the range of what would have been negotiated at arm’s length.” The District Court granted summary judgment for Harris Associates, applying the Gartenberg standard. The Seventh Circuit affirmed but explicitly rejected the Gartenberg approach, instead adopting a standard focused on disclosure rather than fee reasonableness. The Seventh Circuit reasoned that a fiduciary must make full disclosure and play no tricks but is not subject to a cap on compensation, and that the amount of an adviser’s compensation would be relevant only if it were “so unusual” as to suggest deceit or abdication of responsibility.
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