Fund Directions - Ameriprise Petitioners: Wait For Jones Decision

Ameriprise Petitioners: Wait For Jones Decision

Both sides in the excessive fees case of Gallus v. Ameriprise have filed petitions to the Supreme Court stating that it should put off a decision on whether to hear the case until a decision is made in Jones vs. Harris Associates. Like the Jones case, Gallus resulted in the court splitting from Gartenberg stating that those factors alone are not sufficient to determine whether fees are excessive (FD, April).

In April, the U.S. Appeals Court for the Eighth Circuit reversed a Minnesota district court's judgment and remanded the case for further review, stating the district court erred in holding that no 36(b) violation occurred because Ameriprise's fee passed muster under the Gartenberg standard. The appeals court found that the district court properly applied the Gartenberg factors for determining whether ...

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Ameriprise Petitioners: Wait For Jones Decision