Legal Opinion
Jack Green, Individually and as Trustee, Stanley Simon, Trustee, and Norma Evans v. Nuveen Advisory Corp.
Court of Appeals for the Seventh Circuit
Decided July 8, 2002No. 01-3671PublishedCited by 10 opinions
1Opinion of the Court
FLAUM, Chief Circuit Judge.
The plaintiffs in this case are common shareholders of six closed-end, tax-exempt municipal bond funds. They allege that Nuveen, the funds’ investment adviser, breached its fiduciary duty under § 36(b) of the Investment Company Act of 1940 (“ICA” or “the Act”) by receiving compensation based on a percentage of the daily net assets of the funds. Such an arrangement, plaintiffs contend, creates an inherent conflict of interest in violation of the Act. The district court granted summary judgment in favor of the defendant, finding that the plaintiffs failed to produce…
2Cases cited4 opinions
- Central States, Southeast and Southwest Areas Pension Fund, and Howard McDougall Trustee v. Thomas C. Fulkerson and Dolly S. FulkersonCourt of Appeals for the Seventh Circuit · 2001
- Boland v. EngleCourt of Appeals for the Seventh Circuit · 1997
- Green v. Fund Asset Management, L.P.Court of Appeals for the Third Circuit · 2002
- Fed. Sec. L. Rep. P 97,920 Leo M. Zinn, and Counter-Defendant v. Lemar Parrish, and Counter-PlaintiffCourt of Appeals for the Seventh Circuit · 1981
3Cited by10 opinions
- In Re Eaton Vance Mutual Funds Fee LitigationDistrict Court, S.D. New York · 2005
- Jones v. Harris Associates L.P.Court of Appeals for the Seventh Circuit · 2008
- In Re Franklin Mutual Funds Fee LitigationDistrict Court, D. New Jersey · 2007
- Jacobs v. BremnerDistrict Court, N.D. Illinois · 2005
- Forsythe v. Sun Life Financial, Inc.District Court, D. Massachusetts · 2007
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