Jones, et al. v Harris Associates L.P.

Case Updates

The Supreme Court held that the Second Circuit's opinion in Gartenberg v. Merrill Lynch Asset Management, Inc. applied the correct standard for determining whether a mutual fund adviser breached its fiduciary duty under Section 36(b) of the Investment Company Act (ICA).

NCLC urged the Supreme Court to rule that Section 36(b) of the Investment Company Act (ICA) is not a vehicle for private plaintiffs to police how investment adviser fees are set. In this case, certain mutual fund shareholders sued the fund’s investment advisor.