Amicus Curiae Brief, Jones v. Harris Assocs., no. 08-586 (2009)
November 02, 2009
In this case, which could prove to be the most important appellate case in the mutual fund industry for a generation, Dechert represented amicus curiae Mutual Fund Directors Forum in support of Harris Associates L.P. The issue presented was the proper construction of section 36(b) of the Investment Company Act of 1940, which governs cases involving a claim that an adviser has breached its fiduciary duty with respect to receipt of compensation for advisory services. On March 30, 2010, the Supreme Court issued its opinion in the case, unanimously adopting the Gartenberg standard to determine whether an investment adviser has breached its fiduciary duty regarding the receipt of compensation for services.
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