Research Handbook on the Regulation of Mutual Funds
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Research Handbook on the Regulation of Mutual Funds

Edited by William A. Birdthistle and John Morley

The growth of mutual funds has been a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes have created different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment need an appreciation for these international differences. This Handbook addresses these and several other issues concerning mutual funds. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investments funds as well identity and behavior of investors and issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.
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Chapter 7: The past and present of mutual fund fee litigation under section 36(b)

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.

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