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Full-Text Articles in Securities Law
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
Diego G. Pardow
Among other changes, the Dodd–Frank bounty program substantially increases the size of the rewards. The supporters argue that the program should encourage more players to step in, whereas the critics claim that it would only increase less reliable whistleblowers. This note describes the economic reasoning behind the dispute, attempting to build a reasonable expectation in light of the available empirical data. Although most of the evidence from previous bounty programs sides with the supporter’s theory, it has to be considered that the quantity and quality of whistleblower reporting are not the only relevant factors. Whistleblowers play a key role diversifying …
Moving Beyond Gartenberg: A Process-Based And Comparative Approach To Section 36(B) Of The Investment Company Act Of 1940, John M. Greabe, Michael Brickman, James Bradley, Nina Fields
Moving Beyond Gartenberg: A Process-Based And Comparative Approach To Section 36(B) Of The Investment Company Act Of 1940, John M. Greabe, Michael Brickman, James Bradley, Nina Fields
John M Greabe
Section 36(b) of the Investment Company Act of 1940 imposes on mutual fund advisers a fiduciary duty with respect to their receipt of compensation from fund assets for the advisory services they provide. For the past quarter century, courts adjudicating claims for breaches of this fiduciary duty have relied heavily on a rubric proposed in Gartenberg v. Merrill Lynch Asset Management Trust, 694 F.2d 923 (2d Cir. 1982). But in doing so, courts have tended to read Gartenberg to require them to serve as rate setters and to make substantive economic judgments about the fairness of mutual fund advisory fees. …