Focus (Forum & Focus)
Jun. 18, 2008
Fight of the Bumbled Fees
While a 7th Circuit opinion is provocative and his reliance on the market appealing, it should not change the approach directors should take in evaluating management fees, write Richard M. Phillips, Jeffrey B. Maletta and Mark D. Perlow. - Focus Column
By Richard M. Phillips, Jeffrey B. Maletta and Mark D. Perlow
This article appears on Page 7
For more than 25 years, fund boards have looked to the 2nd Circuit Court of Appeals' decision in Gartenberg v. Merrill Lynch Asset Management, Inc. for guidance in evaluating an adviser's fee structure. Interpreting Section 36(b) of the Investment Company Act of 1940 in 1982, the 2nd Circuit identifie...
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