Gartenberg v. Merrill Lynch Asset Management, Inc.
United States Court of Appeals for the Second Circuit
694 F.2d 923 (1982)
Gartenberg (plaintiff) was a client who invested with Merrill Lynch Asset Management, Inc. (defendant). Gartenberg brought suit against Merrill Lynch, alleging a breach of fiduciary duty in violation of § 36(b) of the Investment Company Act. Gartenberg argued that this occurred when Merrill Lynch’s fees on its asset management account greatly outpaced the growth of the account itself. The district court ruled in favor of Merrill Lynch. Gartenberg appealed to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Mansfield, J.)
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