Gallus v. AMERIPRISE FINANCIAL, INC.

WOLLMAN, Circuit Judge.

This appeal requires us to reconsider whether the mutual fund shareholder plaintiffs have set forth sufficient evidence to survive summary judgment on their claim that the mutual fund adviser defendants breached the “fiduciary duty with respect to the receipt of compensation for services” that is imposed by § 36(b) of the Investment Company Act of 1940(ICA), 15 U.S.C. § 80a-35(b). In light of the United States Supreme Court’s decision in Jones v. Harris Associates L.P., — U.S. —, 130 S.Ct. 1418, 176 L.Ed.2d 265 (2010), we conclude that the plaintiffs have not met their…