Meyer v. Oppenheimer Management Corp.

WINTER, Circuit Judge:

This case involves a challenge to a money market mutual fund distribution plan on the grounds, inter alia, that it violates several provisions of the Investment Company Act of 1940, 15 U.S.C. § 80a-l et seq. (1988) (“the 1940 Act” or “the Act”). The plan was adopted under Rule 12b-l, 17 C.F.R. § 270.12b-l (1989), promulgated in 1980 by the Securities and Exchange Commission. Plaintiff-appellant Richard Meyer contends that the directors and shareholders should have been informed of preliminary negotiations concerning the sale by one of the owners of its interest in the…