Legal Opinion
Galfand v. Chestnutt Corp.
Court of Appeals for the Second Circuit
Decided November 4, 1976No. Nos. 202, 315, Dockets 76-7156, 76-7170PublishedCited by 34 opinions
1Opinion of the Court
IRVING R. KAUFMAN, Chief Judge:
The relationship between investment advisers and mutual funds is fraught with potential conflicts of interest. The typical fund ordinarily is only a shell, organized and controlled by a separately owned investment company adviser, which selects its portfolio and administers its daily business. Compensation for these services is determined under an advisory contract, the terms of which are all too often dictated to unwary or negligent fund directors and fund shareholders by the investment adviser.
The vulnerability of mutual fund shareholders to unscrupulous…
2Cases cited11 opinions
- TSC Industries, Inc. v. Northway, Inc.Supreme Court of the United States · 1976
- Pepper v. LittonSupreme Court of the United States · 1939
- Mills v. Electric Auto-Lite Co.Supreme Court of the United States · 1970
- Fed. Sec. L. Rep. P 93,093 Judah Rosenfeld, Etc. v. E. R. BlackCourt of Appeals for the Second Circuit · 1971
- Saxe v. BradyCourt of Chancery of Delaware · 1962
6 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Burks v. LaskerSupreme Court of the United States · 1979
- Securities and Exchange Commission v. Savoy Industries, Inc. Appeal of S. Mort ZimmermanCourt of Appeals for the D.C. Circuit · 1978
- Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLCCourt of Appeals for the Second Circuit · 2010
- Fed. Sec. L. Rep. P 95,889 Robert Abrahamson and Marjorie Abrahamson v. Malcolm K. FleschnerCourt of Appeals for the Second Circuit · 1978
- Susan Tannenbaum v. Robert G. ZellerCourt of Appeals for the Second Circuit · 1977
29 more not listed; retrieve them via the Exa API.