Gallus, et al. v. Ameriprise Financial, Inc., et al., No. 11-1091 (8th Cir. 2012)Annotate this Case
Plaintiffs are shareholders of nine mutual funds that were registered investment companies under the Investment Company Act of 1940 (ICA), 15 U.S.C. 80(a)-35(b). The Funds were managed and distributed by affiliates of the defendants (collectively, Ameriprise). At issue was whether plaintiffs have set forth sufficient evidence to survive summary judgment on their claim that Ameriprise breached its fiduciary duty under section 36(b) of the ICA. In light of the United States Supreme Court's decision in Jones v. Harris Associates L.P., the court concluded that plaintiffs have not met their burden, and thus the court affirmed the district court's grant of summary judgment in favor of defendants.