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AXA Equitable's Section 36(b) Victory
September 26, 2016
On August 25, a federal judge ruled in favor of the defense in Sivolella v. AXA Equitable Life Insurance Co., the first section 36(b) “excessive fees” case to go to trial since the Supreme Court’s Jones v. Harris decision in 2010. In a lengthy opinion, the judge found that the plaintiffs failed to prove a breach of fiduciary duty in violation of section 36(b).
Industry experts discussed the implications of the decision in connection with the advisory contract approval process and the role of fund directors.
HIGHLIGHTS
The webinar:
- summarized the AXA Equitable decision;
- provided a general overview of developments in section 36(b) litigation since Jones v. Harris and the current status of the more than 20 other pending cases;
- discussed the implications of the AXA Equitable decision for the advisory contract approval process and the role of fund boards; and
- highlighted key takeaways for fund directors.
MATERIALS
- Presentation Slides (pdf)
- Section 36(b) Litigation Since Jones v. Harris: An Overview for Investment Advisers and Fund Independent Directors (pdf)
- ONPOINT: A legal update from Dechert: Federal Court Issues Trial Ruling in Section 36(b) (pdf)
- NEWSFLASH: A legal update from Dechert: Federal Court Issues Trial Ruling in Section 36(b) "Manager of Managers" Lawsuit (pdf)
- Archive recording
FEATURED SPEAKERS
Annette M. Capretta, Moderator
Deputy Managing Director
Independent Directors Council
Thomas S. Harman
Partner
Morgan, Lewis & Bockius LLP
Matthew L. Larrabee
Partner
Dechert LLP
Daniel T. Steiner
President
ICI Mutual Insurance Company
This webinar was closed to the media.
