Mutual Fund Litigation Experience Unrivaled by None.
With more than three decades of experience, well over 100 published decisions, and having handled and tried more litigation in this area than any law firm in the country, Milbank's Mutual Fund Litigation Group provides clients with unparalleled experience in defending class-action and derivative litigation brought against mutual funds and investment advisers.
Our attorneys have tried four of the seven excessive fee suits to ever go to trial, including the seminal case of Gartenberg v. Merrill Lynch. Chambers describes us as “[O]ne of the leading mutual fund law firms in the country,” and Lawdragon echoes that we are “The master of mutual fund and securities class actions.”
standout team with standout experience
Our standout team has experience dealing with many different types of mutual funds, separate accounts, commingled pools, hedge funds and other investment products, involving claims under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and state law. Among other areas, we have handled a significant number of cases involving:
- Excessive fees
- Prospectus disclosure
- Soft dollars
- Breach of investment advisory contract
- Revenue sharing and distribution practices
- Auction-rate preferred stock
- Governance and trustee independence
- Brokerage and trade execution
- Rule 12b-1
- Market timing and late trading
- Breach of fiduciary duty
- Portfolio mismanagement.
We have a successful track record of delivering winning results for advisers at the motion to dismiss, summary judgment and trial stage. In addition, we have also convinced plaintiffs in over 20 cases to dismiss their complaints voluntarily and without settlement recovery or payment of fees.
Members of our team have authored dozens of articles on topics related to investment advisor litigation, and most recently co-authored a chapter of Defending Securities Class Actions, a treatise focusing on class-action litigation involving investment advisers, trustees and funds.