Goodman et al v. J.P. Morgan Investment Management, Inc., No. 2:2014cv00414 - Document 37 (S.D. Ohio 2014)
Court Description: OPINION AND ORDER GRANTING 27 MOTION for relief from requirement of providing defendant quarterly statements of attorney fees. Signed by Magistrate Judge Norah McCann King on 10/27/2014. (pes1)
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Goodman et al v. J.P. Morgan Investment Management, Inc. Doc. 37 IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF OHIO EASTERN DIVISION NANCY GOODMAN, et al., Plaintiffs, vs. Civil Action 2:14-cv-414 Judge Frost Magistrate Judge King J.P.MORGAN INVESTMENT MANAGEMENT, INC., Defendant. OPINION AND ORDER Plaintiffs seek recovery on behalf of three investment funds pursuant to § 36(b) of the Investment Company Act of 1940, 15 U.S.C. § 80a-35(b). Specifically, plaintiffs allege that defendant acted in breach of its fiduciary duty by charging investment advisory fees disproportionate to the services provided and in excess of fees negotiated at arm s length for such services. The Court issued a preliminary pretrial order on August 6, 2014, requiring, inter alia, that plaintiffs provide defense counsel quarterly statements of attorney fees and expenses incurred to date. Order, ECF 21. Preliminary Pretrial This matter now before the Court for consideration of plaintiffs motion for relief from that requirement. Plaintiffs Motion, ECF 27. Plaintiffs argue that disclosure of attorneys fees to defendant during the pendency of this litigation is unnecessary in this case. See Plaintiffs Motion, p. 2. Plaintiffs specifically argue that Section 36(b) of the ICA, which is the provision pursuant to which 1 Dockets.Justia.com Plaintiffs seek relief, does not contain a provision for fee-shifting and that, if Plaintiffs obtain a judgment on behalf of the relevant mutual funds, Plaintiffs attorneys will be entitled to a fee based on the equitable common fund/common benefit doctrine. Id. Defendant opposes Plaintiffs Motion, arguing that plaintiffs are not entitled to attorneys fees, but nevertheless asserting an interest in minimizing any award of attorney s fees in this case. Defendant s Response, ECF 35, p. 4. Having considered the contentions of the parties, the Court concludes that its discretion is better exercised by relieving plaintiffs of the requirement of providing defendant quarterly statements of attorney fees. Accordingly, Plaintiffs Motion, ECF 27, is GRANTED. October 27, 2014 s/Norah McCann King_______ Norah McCann King United States Magistrate Judge 2
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