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Quinn Curtis

The chapter looks specifically at the history and current state of mutual fund fee litigation under Section 36(b) of the Investment Company Act and finds little evidence that lawsuits are effective in lowering the fees of funds managed by defendant advisers of sued targeted funds or that plaintiffs target particularly expensive mutual funds. It attempts to situate new developments in fee litigation within the larger context of the Section 36 legislation. Many problems afflicting the operation of Section 36(b) are traceable, the chapter argues, to the compromises, limitations, and ambiguities that resulted from the competing efforts of the SEC and the Investment Company Institute during the adoption of the 1970 amendments to the Company Act.