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The U.S. District Court for the District of Colorado on August 7, 2020 issued its post-trial findings of fact and conclusions of law in Obeslo v. Great-West Capital Management, LLC et al.1 The ruling comes at the tail end of a wave of Section 36(b) litigation filed following the Supreme Court’s 2010 opinion in Jones v.
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Section 36(b) of the Investment Company Act of 1940 imposes a fiduciary duty on an investment adviser to a mutual fund “with respect to the receipt of compensation for services, or of payments of a material nature” paid by the fund or its shareholders to the adviser or its affiliates. This section gives mutual fund shareholders a private right of action to enforce that duty.
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