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Supreme Court Rules on When Mutual Fund Fees Are Too High

Doug Cornelius, Chief Compliance Officer The Supreme Court issued its opinion in Jones v. Harris Associates , addressing the standard for when mutual fund fees are too high. Background Under §36(b) of the Investment Company Act of 1940 the "the investment adviser of a registered...

U.S. Supreme Court Addresses Fiduciary Duty of Investment Advisors

In Jones v. Harris Associates, L.P. , the U.S. Supreme Court last week decided an issue involving the fiduciary duty of investment advisors. Many legal scholars have already started to comment on this decision, e.g. here , here , here and here , adding to the prolific analysis that preceded...

Stolt-Nielsen v. AnimalFeeds: U.S. Supreme Court Holds that Class Arbitration Cannot be Imposed on Parties Whose Agreements Are Silent on the Issue

by Lewis S. Wiener, Gail L. Westover, Brendan Ballard, and Wilson G. Barmeyer In a 5-3 majority decision issued on April 27, 2010, the U.S. Supreme Court held in Stolt-Nielsen, S.A. v. AnimalFeeds Int'l Corp. , No. 08-1198 ( See Mealey's News item on this case ), that...

Supreme Court Grants Cert Petition in Matrixx Initiative Securities Suit

There was a time when it was relatively rare for the Supreme Court to take up securities cases. Until recently, the Court basically went several years between cases filed under the securities laws. Those days are clearly over, as the Court has granted cert petitions in several securities cases in...

SEC Enforcement Trends 2011: The Supreme Court, Dodd-Frank and the Reach of SEC Enforcement

The focus of SEC enforcement in the coming months is a function of its constricted and later expanded authority. Last year that authority contracted in the wake of the Supreme Court's decision in Morrison v. National Australia Bank Ltd. , 130 S.Ct. 2869(2010). Later congress effectively overruled...

Supreme Court Grants Cert in Amgen Securities Suit

On Monday, June 11, 2012, the United States Supreme Court granted the petition of Amgen for a writ of certiorari in a securities lawsuit pending against the company. As a result, next term the Court will be addressing the question of whether securities plaintiffs must establish in their class certification...

Supreme Court Declines to Review Calculation of Madoff Victim Losses; Second Distribution "In The Near Future"?

In a move that was not unexpected, the Supreme Court declined to grant certiorari to a petition filed by a subsection of victims of Bernard Madoff's massive Ponzi scheme who disagreed with the court-appointed trustee's determination of their losses. By doing so, the Court gave finality to the...

Justice Kagan at the University of Michigan Law School

On Friday September 7, 2012, the University of Michigan Law School dedicated its new South Building, an impressive new facility that beautifully complements the school's venerable Law Quadrangle (see picture below). U.S. Supreme Court Justice Elena Kagan delivered the keynote address at the dedication...