Legal Opinion
Gallus v. Ameriprise Financial, Inc.
Court of Appeals for the Eighth Circuit
Decided April 8, 2009No. 07-2945PublishedCited by 5 opinions
1Opinion of the Court
WOLLMAN, Circuit Judge.
This appeal requires us to examine a question that has created a split among our sister circuits: the scope of the fiduciary duty imposed on advisers of mutual funds by § 36(b) of the Investment Company Act of 1940 (“ICA”), 15 U.S.C. § 80a-35(b). Because we conclude that the district court construed too narrowly the extent of the defendants’ duty under § 36(b) and gave insufficient weight to contested issues of material fact, we reverse and remand for further proceedings.
The plaintiffs are shareholders of eleven mutual funds (“the Funds”) that are registered investment…
2Cases cited12 opinions
- Burks v. LaskerSupreme Court of the United States · 1979
- Daily Income Fund, Inc. v. FoxSupreme Court of the United States · 1984
- Donald R. Ferguson v. United States v. Richard Musal, Third Party Nicholas P. Miller, Third PartyCourt of Appeals for the Third Circuit · 2007
- Sheldon Krantz v. Prudential Investments Fund Management LLC Prudential Investment Management Services LLCCourt of Appeals for the Third Circuit · 2002
- Galfand v. Chestnutt Corp.Court of Appeals for the Second Circuit · 1976
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3Cited by5 opinions
- Jones v. Harris Associates L. P.Supreme Court of the United States · 2010
- Gallus v. AMERIPRISE FINANCIAL, INC.Court of Appeals for the Eighth Circuit · 2012
- Ameriprise Financial, Inc. v. GallusSupreme Court of the United States · 2010
- Jones v. Harris Associates L. P.Supreme Court of the United States · 2010
- Nancy Goodman v. J.P. Morgan Investment Mgmt.Court of Appeals for the Sixth Circuit · 2020