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June 5, 2001 A New Jersey federal district court granted summary judgment to Fund Asset Management in a lawsuit brought by shareholders who had alledged that the adviser had managed the fund using leveraged techniques in order to increase its advisory fee. The leveraging technique employed by the adviser did in fact cause it to receive advisory fees in an amount greater than the amount had the leveraging technique not been used. The court, nevertheless, ruled for the mutual fund adviser because it found that its advisory fee and fee calculation methodolgy was adequately disclosed in the fund's propsectus. See http://lawlibrary.rutgers.edu/fed/html/green.html-1.html to access a copy of the court's opinion. |
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