Gartenberg v. Merrill Lynch Asset Management, Inc.
United States Court of Appeals for the Second Circuit
694 F.2d 923 (1982)
Relevant factsFree
Gartenberg (plaintiff), a Merrill Lynch (defendant) asset-management client, sued under Investment Company Act Section 36(b), alleging Merrill Lynch's management fees grew much faster than the account itself, breaching its fiduciary duty over compensation. The district court found for Merrill Lynch, and Gartenberg appealed.
IssueFree
Whether an investment adviser to an investment company owes a fiduciary duty with respect to the compensation it receives for its services under Section 36 of the Investment Company Act.