RiverSource Investments, LLC

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Commentaries
Securities Law

Gallus v. Ameriprise Financial: Deepening the Circuit Split on the Standard of Review on Fund Advisor Fees

The Eighth Circuit’s enhanced interpretation of Gartenberg cuts the divide among circuit courts even deeper on the issue of a court’s proper analysis of mutual fund advisory fees under Section 36(b). In John E. Gallus v. Ameriprise Financial, 561 F.3d 816 (8th Cir. 2009), the Court upheld the Gartenberg analysis,…

Posted:
07/30/2009

Summaries
Securities Law >
New Judicial Opinions

Eighth Circuit Reinstates Fund Advisory Fee Action Against Ameriprise Financial

This appeal required the Eighth Circuit to examine the scope of the fiduciary duty imposed on advisers of mutual funds by § 36(b) of the ICA, 15 U.S.C. § 80a-35(b). The plaintiffs are shareholders of eleven mutual funds (“the Funds”) that are registered investment companies under the ICA. The Funds…

Date of ruling:
04/8/2009