Schuyt v. Rowe Price Prime Reserve Fund, Inc.

OPINION

ROBERT J. WARD, District Judge.

This matter is before the Court for a decision on the merits following a two-week bench trial. Plaintiff, a shareholder in the Rowe Price Prime Reserve Fund, Inc. (“Prime Reserve Fund” or the “Fund”) brought this action pursuant to the Investment Company Act of 1940, as amended, 15 U.S.C. § 80a-l et seg. (“ICA”), asserting three claims for relief. Count I, asserted against defendants T. Rowe Price Associates, Inc. (“Price Associates” or the “Adviser”), raises a claim for excessive fees under section 36(b) of the ICA. 15 U.S.C. § 80a-35(b). Count II,…