Federal Court Issues Trial Ruling in Section 36(b) “Manager of Managers” Lawsuit: Second Consecutive Opinion Finding Plaintiffs Failed to Meet Their Burden

March 03, 2017

The U.S. District Court for the District of New Jersey recently issued its post-trial ruling in Kasilag et al. v. Hartford Investment Financial Services, LLC et al. The Hartford ruling is the second post-trial Section 36(b) decision issued following the Supreme Court’s 2010 Jones v. Harris Associates opinion, and in many ways resembles its predecessor – also issued by the District of New Jersey – in the Sivolella et al. v. AXA Equitable Life Insurance Company, et al. case. The Hartford opinion further reinforces the heavy burden plaintiffs face in Section 36(b) cases.

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