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Article

Dechert LLP | USA | 7 May 2010

Second Circuit rules securities fraud claim of mutual fund shareholders relating to affiliated transfer agent arrangements may proceed, but upholds dismissal of breach of fiduciary duty claim

A two-judge panel of the U.S. Court of Appeals for the Second Circuit (the “Court”) on February 16, 2010 vacated the dismissal of a putative class action securities fraud claim brought by shareholders of the Smith Barney family of funds (the “Funds”) under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and remanded the case to the district court.

Article

Jones Day | USA | 21 Apr 2010

Reaffirming Gartenberg: the Supreme Court upholds the long-standing framework for evaluating mutual fund fees

On March 30, 2010, the Supreme Court unanimously reversed and remanded the Seventh Circuit's denial of an appeal of summary judgment by plaintiffs alleging that a mutual fund's investment adviser charged excessive advisory fees.

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