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Curtis, Quinn --- "The past and present of mutual fund fee litigation under section 36(b)" [2018] ELECD 842; in Birdthistle, A. William; Morley, John (eds), "Research Handbook on the Regulation of Mutual Funds" (Edward Elgar Publishing, 2018) 164

Book Title: Research Handbook on the Regulation of Mutual Funds

Editor(s): Birdthistle, A. William; Morley, John

Publisher: Edward Elgar Publishing

ISBN: 9781784715045

Section: Chapter 7

Section Title: The past and present of mutual fund fee litigation under section 36(b)

Author(s): Curtis, Quinn

Number of pages: 21

Abstract/Description:

The chapter looks specifically at the history and current state of mutual fund fee litigation under Section 36(b) of the Investment Company Act and finds little evidence that lawsuits are effective in lowering the fees of funds managed by defendant advisers of sued targeted funds or that plaintiffs target particularly expensive mutual funds. It attempts to situate new developments in fee litigation within the larger context of the Section 36 legislation. Many problems afflicting the operation of Section 36(b) are traceable, the chapter argues, to the compromises, limitations, and ambiguities that resulted from the competing efforts of the SEC and the Investment Company Institute during the adoption of the 1970 amendments to the Company Act.