Skadden won the affirmance of a district court's dismissal of excessive fee claims asserted by investors in exchange-traded funds (ETFs) managed by Skadden client BlackRock, Inc. On September 30, the Sixth Circuit Court of Appeals rejected the appellants' claims that BlackRock violated Sections 36(a) and 36(b) of the Investment Company Act of 1940 by accepting excessive compensation in exchange for lending ETF investment securities to short sellers.

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