recognizing a private cause of action under § 15(f)
How later courts described this case
- recognizing a private cause of action under § 15(f)
- “in deciding whether a fee is so high as to ■ constitute a breach of fiduciary duty, a court should examine all the facts surrounding a fee determination. Whether or not appellant prevails on this claim, ... he has stated a claim on which relief can be granted and on which he is at least entitled to discovery.”
- implying private right of action under section 15(f) of Investment Company Act
- on motion to dismiss for failure to state claim, court must take plaintiffs allegations as true
Written by the judges who cited it.
The opinion
VAN GRAAFEILAND, Circuit Judge,
concurring:
Although I would have preferred to defer to Judge Sofaer’s interpretation of the settlement agreement, I can appreciate my colleagues’ unwillingness to decide the issue of the agreement’s scope on a motion addressed to the complaint.
However, if the settlement agreement was not intended to cover administrative services, something which Judge Sofaer is in the best position to know, I am not prepared to open the door to harassing discovery by the plaintiff on the question whether the fees provided for in the settlement agreement have remained “fair.”
With this reservation, I concur.