Plaintiffs in an excessive-fee case against The Hartford received some discouraging news last week when a judge ruled entirely in favor of the adviser at trial, the latest result in a wave of similar lawsuits.
In 2010, the Supreme Court, in Jones v. Harris Associates, L.P., 559 U.S. 335 (2010), issued a significant decision concerning Section 36(b) of the Investment Company Act of 1940, which imposes a fiduciary duty on mutual fund advisers with respect to the fees they receive from the funds they manage. So what happened next in the world of Section 36(b) litigation?