• Seventh Circuit Holds That Gartenberg Is Not the Standard to Assess Whether a Mutual Fund Adviser Has Violated Section 36(b) of the '40 Act
  • June 15, 2008 | Authors: Thomas L. Allen; Perry A. Napolitano; Joseph E. Culleiton; Justin J. Kontul
  • Law Firm: Reed Smith LLP - Pittsburgh Office
  • On May 19, 2008, the U.S. Court of Appeals for the Seventh Circuit decided Jones v. Harris Associates, L.P., No. 07-1624 (7th Cir. 2008) (Easterbrook, J.), addressing the appropriate legal standard for assessing claims against mutual fund investment advisers and their affiliates under Section 36(b) of the Investment Company Act of 1940 ("Section 36(b)").