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Results: 1-9 of 9

ARS derivative suits will need to overcome business judgment rule
  • Locke Lord LLP
  • USA
  • October 12 2010

In the past few months, several derivative suits against mutual fund issuers of auction rate securities (ARS) have hit the courts


SEC calls for new limits on use of 12b-1 distribution fee provisions in the mutual funds of variable annuity subaccounts
  • Locke Lord LLP
  • USA
  • August 3 2010

The U.S. Securities and Exchange Commission (“SEC”) has recently proposed regulations that would limit fund sales charges and increase disclosure requirements under Rule 12b-1


Securities and Futures Commission publishes new handbook
  • Locke Lord LLP
  • Hong Kong
  • July 16 2010

On 25 June 2010, the Securities and Futures Commission of Hong Kong (the SFC) published the new SFC handbook (the Handbook), which came into immediate effect


Supreme Court upholds Gartenberg test for mutual funds’ compensation of investment advisers
  • Locke Lord LLP
  • USA
  • May 5 2010

The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its "fiduciary duty" to a mutual fund by charging excessive fees under 36(b) of the Investment Company Act of 1940


Second Circuit allows securities fraud claim alleging misrepresentations regarding nature, but not amount, of mutual fund’s fees
  • Locke Lord LLP
  • USA
  • April 27 2010

The Second Circuit recently overturned the Southern District of New York’s dismissal of a claim under 10(b) Securities Exchange Act of 1934 relating to management fees charged to a mutual fund in Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLC


NY appellate court affirms motion court’s dismissal of complaint seeking defense costs under directors' and officers' errors and omission policy for investigations that resulted in disgorgement of improperly acquired funds
  • Locke Lord LLP
  • USA
  • December 2 2009

On December 1, 2009, the New York Appellate Division, First Department, unanimously affirmed Justice Marcy S. Friedman’s March 10, 2009 Decision and Order (entered March 13, 2009, Supreme Court, New York County), dismissing Millennium’s complaint as against defendant Select Insurance Company


N.Y. Insurance Department issues opinion prohibiting contingent annuity contracts
  • Locke Lord LLP
  • USA
  • July 29 2009

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance



Jeanne Kohler
  • Locke Lord LLP