• Seventh Circuit Rejects Gartenberg Standard in Adviser Fee Case and Fashions New Test
  • June 24, 2008
  • Law Firm: Thompson Hine LLP - Office
  • The U.S. Court of Appeals for the Seventh Circuit affirmed a grant of summary judgment in favor an investment adviser to a mutual fund in a suit alleging that advisory fees charged by the adviser were excessive in violation of the fiduciary duty owed by the adviser to the fund and its shareholders under Section 36(b) of the Investment Company Act.